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Business deals

Australia-US tandem bids to rescue Philippines’ largest shipyard

Austal and Cerberus allay security fears over Chinese interest in Subic Bay

The bid by U.S.-Australian tandem raises hopes for the revival of the economically and strategically important shipyard. (Photo courtesy of Subic Bay Metropolitan Authority)

MANILA -- An Australian and U.S. consortium is in exclusive talks to rescue one of Asia's most strategically situated shipyards at Subic Bay in the Philippines.

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