Fortune Brands May Select Morgan Stanley To Sell Golf Unit

Fortune Brands FO, the maker of Jim Beam bourbon and Titleist golf balls, is reportedly considering selecting Morgan Stanley MS to manage the sale of its golf business, according to a report by Bloomberg News. The investment bank may approach potential buyers such as Nike NKE and Adidas as well as private equity buyers, Bloomberg reported. Illinois-based Fortune has been mulling a breakup since December after Pershing Square manager William Ackman took a stake in the company. A sale of the golf business could be worth up to $1.5 billion and will depend on buyer interest, Bloomberg reported, citing sources close to the situation. Fortune and its board are already using advisers from Credit Suisse and Centerview Partners on the divestitures and broader corporate strategy, Bloomberg reported.