28th Mar 2021 11:22
(Alliance News) - Spain's Aciturri Aeronautica has emerged as a main contender to buy ITP Aero from Rolls-Royce Holdings PLC, Sky News reported Friday.
ITP Aero is an arm of Rolls-Royce that makes aircraft engines and turbines. A domestic takeover of the Basque region-based operation is expected to be viewed more favourably by Spanish politicians, Sky reported, citing "people close to the process".
https://news.sky.com/story/spanish-aerospace-group-aciturri-plots-1-5bn-bid-for-rolls-royce-wing-itp-aero-12257260
Rolls Royce said back in December that it expects to sell ITP Aero sometime in 2021 as part of its restructuring programme, launched as the company's pretax loss deepened to GBP2.91 billion in 2020.
That effort suffered a setback last week when the Norwegian government blocked the proposed sale of Roll-Royce's Bergen Engines unit on national security concerns. Norway's army is among Bergen's customers. Rolls-Royce announced in early February that it would sell Bergen for EUR150 million to TMH Group, a privately owned company headquartered in Russia that makes locomotives and rail equipment.
By Tom Waite; [email protected]
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