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Rolls Royce failed to sell its Spanish unit ITP last week as planned, although Spanish regulators are expected to sign off on the transaction in the next few weeks. The engineer's proposed £1. 5bn sale of the unit to US private equity outfit, Bain Capital, is a "crucial" part of its recovery plan. Holding up the deal is the Spanish government's desire to bring local investors on board. Talks between officials in Madrid and Bain are ongoing. The delays come even as Rolls Royce is facing a leadership vacuum due to the impending exit of its chief executive officer.
