{"id":112725,"date":"2021-04-23T15:33:01","date_gmt":"2021-04-23T15:33:01","guid":{"rendered":"https:\/\/fin2me.com\/?p=112725"},"modified":"2021-04-23T15:33:01","modified_gmt":"2021-04-23T15:33:01","slug":"rolls-royce-in-constructive-talks-with-spain-over-itp-aero-sale","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/rolls-royce-in-constructive-talks-with-spain-over-itp-aero-sale\/","title":{"rendered":"Rolls-Royce in constructive talks with Spain over ITP Aero sale"},"content":{"rendered":"

LONDON (Reuters) – British engineering company Rolls-Royce said it was in constructive talks with Spain over the sale of its Spanish unit ITP Aero, after a media report said Madrid could block the deal.<\/p>

FILE PHOTO: A Rolls-Royce logo is seen at the company’s aerospace engineering and development site in Bristol, Britain, December 17, 2015. REUTERS\/Toby Melville<\/figcaption>

Rolls-Royce is hoping to secure up to 1.5 billion euros ($1.8 billion) from the sale of turbine blade-maker ITP Aero, which it has put on the block as part of a 2-billion-pound ($2.8 billion) asset sale to help repair its balance sheet after the pandemic.<\/p>\n

Bloomberg reported earlier on Friday that the disposal could be blocked by Spain unless the buyer could offer reassurances about ITP\u2019s future, citing a person familiar with the matter.<\/p>\n

Rolls-Royce said the relevant Spanish authorities – ITP is headquartered in the Basque region of Spain – were involved in the process and talks were positive.<\/p>\n

\u201cThe Spanish and Basque governments are important stakeholders and there is an ongoing and constructive dialogue with them,\u201d a Rolls-Royce spokesman said in an emailed statement.<\/p>\n

Rolls-Royce said there were multiple interested parties in the sale process, adding that ITP would also continue to be a supplier to Rolls-Royce for many decades to come.<\/p>\n

\u201cAs a result, it is obviously very important to us that a new owner is able to continue to invest in ITP Aero\u2019s technology, innovation and workforce,\u201d the spokesman said.<\/p>\n

Last month, Rolls-Royce\u2019s disposal plan suffered a setback when Norway halted the sale of its maritime engine maker to a Russian company on national security grounds.<\/p>\n

Asked about ITP Aero, the Spanish industry ministry did not immediately respond.<\/p>\n

Shares in Rolls-Royce traded down 1.7% at 101 pence at 1356 GMT.<\/p>\n

A source close to the matter said that Rolls-Royce was well aware that any deal for ITP would need to include assurances from the buyer.<\/p>\n

Bloomberg said Spain was concerned Rolls-Royce could sell ITP to a private equity fund, naming KKR, Bain Capital and TowerBrook Capital as being in the running, and the financial buyers would not have an industrial plan for the unit.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

LONDON (Reuters) – British engineering company Rolls-Royce said it was in constructive talks with Spain over the sale of its Spanish unit ITP Aero, after […]<\/p>\n","protected":false},"author":3,"featured_media":112724,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"\nRolls-Royce in constructive talks with Spain over ITP Aero sale - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/business\/rolls-royce-in-constructive-talks-with-spain-over-itp-aero-sale\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rolls-Royce in constructive talks with Spain over ITP Aero sale - Fin2me\" \/>\n<meta property=\"og:description\" content=\"LONDON (Reuters) – British engineering company Rolls-Royce said it was in constructive talks with Spain over the sale of its Spanish unit ITP Aero, after [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fin2me.com\/business\/rolls-royce-in-constructive-talks-with-spain-over-itp-aero-sale\/\" \/>\n<meta property=\"og:site_name\" content=\"Fin2me\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-23T15:33:01+00:00\" \/>\n<meta name=\"author\" content=\"Mark\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/fin2me.com\/wp-content\/uploads\/2021\/04\/Rolls-Royce-in-constructive-talks-with-Spain-over-ITP-Aero-sale.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fin2me.com\/business\/rolls-royce-in-constructive-talks-with-spain-over-itp-aero-sale\/\",\"url\":\"https:\/\/fin2me.com\/business\/rolls-royce-in-constructive-talks-with-spain-over-itp-aero-sale\/\",\"name\":\"Rolls-Royce in constructive talks with Spain over ITP Aero sale - 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