Monday 10 May 2021 12:59 pm

Rolls Royce puts Norwegian unit back up for sale after Oslo blocked deal with Russians

FTSE blue-chip Rolls Royce’s Norwegian maritime engine unit Bergen is back up for sale, less than two months after Oslo blocked a previous deal for it to be sold off to a Russian company.

“The sale process has restarted,” a source told Reuters today.

Norway in March stopped Rolls Royce from selling Bergen for €150m to Russia’s TMH Group on national security grounds, in a blow to the engine maker’s disposal programme.

The price tag for the Bergen unit is not yet known.

Rolls Royce needs to raise £2bn from disposals by next year as part of plans to repair finances which have been battered by the pandemic, as its airline clients have grounded planes during the Covid19 pandemic.

Rolls’s Spanish unit ITP Aero is oalso on the block for €1.5bn, which should bring in th ebulk of the cash needed.

Rolls Royce could provide more details of the two sale processes later this weeky when it publishes a trading update on Thursday morning ahead of its AGM on the same day.