© Reuters. A MTU Aero Engines EJ 200 turbofan aircraft engine is pictured at the ILA Berlin Air Show in Schoenefeld
BERLIN (Reuters) – MTU Aero Engines has not yet been invited by Rolls-Royce (LON:) to take part in the bidding process for the British group’s Spain-based ITP Aero unit, MTU’s chief executive said on Thursday.
Rolls-Royce in late 2020 kicked off an initiative to raise 2 billion pounds ($2.8 billion) from disposals to recover from the pandemic, which is weighing its business.
ITP is expected to fetch an enterprise value of about 1.5 billion euros ($1.81 billion) and the auction was scheduled to start in January, people familiar with the matter had said.
MTU’s shares were down 4% in early trading, after the company reported 2020 results and gave a muted outlook for 2021.
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($1 = 0.7205 pounds)
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