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Rolls-Royce, Spain's Indra confirm talks over ITP Aero stake

Rolls-Royce, Spain's Indra confirm talks over ITP Aero stake
FILE PHOTO - The logo of Rolls Royce is pictured on an engine of an Airbus A330-800 aircraft after a flight event presentation in Colomiers near Toulouse, France, November 6, 2018. REUTERS/Regis Duvignau -
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(Reuters) – Rolls-Royce Holdings Plc on Friday confirmed it received a preliminary and conditional indication of interest from Spain’s Indra Sistemas SA for a majority stake in the British engine maker’s Spanish business ITP Aero.

Rolls-Royce, which makes engines for the Boeing 787 Dreamliner and the Airbus A350 XWB, said it intends to retain a “long-term relationship with the (ITP Aero) business across its civil aerospace and defence programmes.”

Indra confirmed in a statement it was in talks with the British company and said there was no certainty the talks would lead to a binding agreement.

Rolls-Royce bought 53.1% of the Spain-based aircraft engine and components maker it did not already own from privately owned SENER Grupo de Ingeniería SA for 720 million euros (£641.37 million) in 2017.

The business posted underlying revenue of 779 million pounds in 2018, which made up for just over 5% of Rolls-Royce’s total sales.

(Reporting by Shashwat Awasthi in Bengaluru; Editing by Saumyadeb Chakrabarty)

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