Before DLX was spun out, I believe Orica did try to canvass the...

Before DLX was spun out, I believe Orica did try to canvass the overseas market for buyers but no takers at that time. DLX is tricky one, it has the right to the dulux brand only in oceania and the market here is pretty mature so growth prospects aren't the greatest. I don't see an international competitor taking over and investing to build dulux's brand value. However, it is quite a good business with stable cash flows and dividends.

So might be appealing to private equity or management buyout? I don't see the international dulux company taking over as they would have had a good look before the spin-off.