KKR withdraws from ITP auction

The American private equity group Kohlberg Kravis Roberts has withdrawn from the auction for 53.12% of the Spanish aeronautical engine manufacturer ITP, which is being sold by Sepi and Sener, as it is planning to invest €1.45bn in the Daimler Chrysler engine subsidiary MTU. Other candidates competing for control of the company include The Carlyle Group, Volvo Aero and the Spanish engineering firm Sener, which is currently the favourite as it already has an option to match the highest offer presented. Volvo Aero and The Carlyle Group requested that Sepi extend their data room time. Sepi has set a minimum price of €126.5m for ITP.

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