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M&M renews talks to buy US based aircraft maker Hawker Beechcraft - The Economic Times
MUMBAI: India's auto major M&M has renewed talks to buy U.S. based aircraft maker, Hawker Beechcraft, sources familiar with the development said. M&M had earlier lost it's bid to acquire Beechcraft to Chinese firm Superior Aviation Beijing Co. Sources say, Beechcraft is likely to invite bids again for a sale process as it's talks with the Chinese firm may have failed. M&M may be interested to bid again for Hawker Beechcraft.
Sources familiar with the development say that the deal talks between Hawker Beechcraft and Superior Aviation Beijing have stalled. The two companies have not come to any agreement even after six weeks have passed since the end of the exclusive period of negotiations between the parties.
Superior Aviation Beijing had agreed to pay $1.79 bn for buying Beechcraft which is well known for it's Beechcraft King Air turboprop and Hawker 4000 business jet. Hawker Beechcraft, part owned by Goldman Sachs' private equity arm had filed for bankruptcy in May. The company has $1 bn debt on it's books and has accumulated losses of $900 mn.
M&M is a small player in the aircraft business. It had purchased majority stakes in aerospace supplier Aerostaff Australia and turboprop manufacturer Gippsland Aeronautics. In an e-mail reply, the M&M spokesperson said, "As a company policy, we don't comment on speculative stories."
MUMBAI: India's auto major M&M has renewed talks to buy U.S. based aircraft maker, Hawker Beechcraft, sources familiar with the development said. M&M had earlier lost it's bid to acquire Beechcraft to Chinese firm Superior Aviation Beijing Co. Sources say, Beechcraft is likely to invite bids again for a sale process as it's talks with the Chinese firm may have failed. M&M may be interested to bid again for Hawker Beechcraft.
Sources familiar with the development say that the deal talks between Hawker Beechcraft and Superior Aviation Beijing have stalled. The two companies have not come to any agreement even after six weeks have passed since the end of the exclusive period of negotiations between the parties.
Superior Aviation Beijing had agreed to pay $1.79 bn for buying Beechcraft which is well known for it's Beechcraft King Air turboprop and Hawker 4000 business jet. Hawker Beechcraft, part owned by Goldman Sachs' private equity arm had filed for bankruptcy in May. The company has $1 bn debt on it's books and has accumulated losses of $900 mn.
M&M is a small player in the aircraft business. It had purchased majority stakes in aerospace supplier Aerostaff Australia and turboprop manufacturer Gippsland Aeronautics. In an e-mail reply, the M&M spokesperson said, "As a company policy, we don't comment on speculative stories."
