DUBAI: Dubai Aerospace Enterprise (DAE), owner of US-based engine repair and maintenance business StandardAero, is in talks to merge parts of its business with British aircraft services firm BBA Aviation, it said yesterday.
Dubai government-owned DAE said the talks were at a preliminary stage and gave no further details.
Its statement came after the Sunday Times reported BBA was holding talks with StandardAero over a £2.7bn ($4.2bn) tie-up.
The paper said DAE was seeking £1.3bn for StandardAero, which it bought six years ago.
Any sale would join a series of asset disposals by Dubai, which is seeking to raise money to repay about $50bn of debt that matures over the next three years.
DAE, which specialises in aircraft maintenance and leasing, put StandardAero up for sale in 2010 and retained Deutsche Bank to advise on the sale, Reuters reported at the time. However, the process moved slowly.
NEW YORK CITY: Texas-based Anadarko Petroleum said it had agreed to sell a 10-percent stake in a natural gas field off the coast of Mozambique for $2.64bn cash to an Indian corporation.
Anadarko said in a statement late on Sunday that it had entered an agreement with ONGC Videsh, a subsidiary of Indian multinational Oil and Natural Gas Corporation, to sell part of its stake in Mozambique’s Offshore Area 1.
Anadarko, one of the world’s largest oil and gas exploration and production companies, will remain the Area 1 operator, with a working interest of 26.5 percent down from 36.5 percent.
The transaction is expected to close in late 2013. Area 1, located in Mozambique’s deepwater Rovuma Basin “holds an estimated 35 to 65-plus trillion cubic feet (tcf) of recoverable natural gas resources.”
Agencies
