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Business deals

US investor bids to keep China out of Philippine shipyard

Alliance with Australian shipbuilder has backing of local Navy

A U.S. Marine Corps MV-22B Osprey lifts a Humvee from the dry cargo ship USNS Sacagawea in Subic Bay, the Philippines. (Photo courtesy of the U.S. Marine Corps)

MANILA -- U.S. private equity firm Cerberus Capital Management and Australian shipbuilder Austal have made a formal bid for the Philippines' largest shipyard in Subic Bay, which has also attracted Chinese interest.

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