(Bloomberg) -- CVC Capital Partners plans to walk away from a potential bid for Brambles Ltd., the Australian provider of pallets and crates for transporting goods around the world, people with knowledge of the matter said. 

The private equity firm has informed Sydney-based Brambles it won’t lodge a formal offer for now, the people said, asking not to be identified discussing confidential information. 

The rise in the Brambles share price and overall market uncertainty amid the war in Ukraine have made it harder for CVC to seal a deal at an attractive price, the people said. CVC could still renew its pursuit of Brambles at a later date, according to the people. 

Brambles said earlier Monday that it had held early discussions with CVC after receiving an unsolicited takeover proposal. Shares of the company jumped as much as 13% on Monday, a record intraday gain. They were up 11% at the close in Sydney, giving Brambles a market value of about A$16.7 billion ($11.6 billion).

Spokespeople for CVC and Brambles couldn’t immediately be reached for comment. 

Brambles, which has a global logistics footprint, has been a focus for investors since speculation emerged earlier this year that buyout firms were sizing up the company. 

Any deal would add to a string of acquisitions in Australia even as transactions values globally have slumped. The country has about $64 billion of announced deals so far this year, according to data compiled by Bloomberg. A consortium led by KKR & Co. last month lodged a non-binding offer for Ramsay Health Care Ltd. for A$20.1 billion in what could be Australia’s third-biggest deal in history.

©2022 Bloomberg L.P.