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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.

The bid for the Philippines’ largest dockyard by Australian shipbuilder Austal and U.S. private equity firm Cerberus Capital Management will allay concerns over national security that have been triggered by Chinese interest in the shipyard.

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