Billabong in exclusive bid talks

Australian surfwear company Billabong International said yesterday it will enter 10 days of exclusive talks with a consortium led by its former US boss after the group cut its indicative takeover proposal by 45 per cent to $300m (£195.6m). Paul Naude and private equity firm Sycamore Partners are now offering A$0.60 per share, debt-laden Billabong said in a statement yesterday, confirming reports the bid would be scaled back.