Rolls-Royce relaunches sale of Norway-based Bergen - source Reuters 5 days ago © Reuters/NTB A view of Bergen Engines AS factory in Bergen
LONDON (Reuters) - British engineering company Rolls-Royce has put its Norwegian maritime engine unit Bergen back on the block, less than two months after Norway blocked a previous deal for it to be bought by a Russian company. The sale process has restarted, a source close to the matter said on Monday.
Norway in March stopped Rolls-Royce from selling Bergen for 150 million euros to a company controlled by Russia s TMH Group on national security grounds, in a blow to the British company s disposal programme.
Rolls-Royce restarts Bergen sale after Norwegian state veto
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PRESS: Rolls-Royce restarts Bergen sale process after Norway veto
Fri, 7th May 2021 20:18
(Alliance News) -Â Rolls-Royce Holdings PLC has restarted the auction of its Bergen Engines unit after the Norwegian government blocked the sale on national security concerns, Sky News reported on Friday.
Sky has learnt that the jet engine maker has asked potential bidders to table indicative offers later this month in a fresh push to divest the business.
https://news.sky.com/story/rolls-royce-restarts-bergen-sale-after-norwegian-state-veto-12299671
Rolls-Royce back in March vowed to swiftly find another option after the Norwegian government put the brakes on the proposed sale of the Bergen unit.
The FTSE 250 hit a record high and the FTSE 100 closed above 7100 for the first time in 15 months as markets enjoyed a sparkling end to the week.
The mid-cap index shot up 1.3 per cent, or 283.92 points, to 22775.28 as takeover news lit a fire under aerospace group Meggitt and St Modwen Properties shares.
And the Footsie was propelled by a metals rally that lifted the index s miners.
It closed up 0.8 per cent, or 53.54 points, at 7129.71 – the first time it finished above 7100 since markets went into a Covid-induced free fall in February 2020.
Anglo American (up 3.6 per cent, or 116p, to 3381.5p), Glencore (up 3.4 per cent, or 10.45p, to 322.75p) and BHP (up 1 per cent, or 23.5p, to 2,337.5p) made gains as iron and copper prices both hit record highs – of $200 a ton and $10,123 respectively.
Can the Rolls-Royce share price bounce back?
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2020 was a rough year for the
Rolls-Royce(LSE:RR) share price. After crashing by nearly 50% in March, the stock continued its downward trajectory until early October.
The business serves multiple industries. But around half of its income comes from the sale and maintenance of aircraft engines. When travel restrictions prevented planes from taking off, a large portion of its revenue stream evaporated. So seeing the stock collapse is not that surprising to me. But is that all about to change? And should I be adding this business to my portfolio?
US$12.3 TRILLION out of thin air…
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