Saturday, 24 April 2021

Rolls-Royce in negotiations with Spanish authorities over ITP Aero sale

Rolls-Royce has confirmed it is in talks with Spanish authorities over the sale of its Spanish unit ITP Aero, after it emerged in the press the government may block any deals.  

The British firm is hoping to complete a €1.5 billion deal for the sale of turbine blade-maker ITP Aero, which is up for grabs as the firm seeks to secure a more sound financial footing following the coronavirus pandemic. 

The Bloomberg news agency reported on Friday the sale could be blocked by Spain unless the buyer could offer reassurances about ITP's future. However, the Spanish industry ministry has declined to comment.

Rolls-Royce confirmed that the relevant Spanish authorities were involved in the process and talks were positive. "The Spanish and Basque governments are important stakeholders and there is an ongoing and constructive dialogue with them,"

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