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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.

Executives close to the deal have told the Nikkei Asian Review that the offer was still subject to negotiations with creditors of the shipyard, which collapsed earlier this year after its owner -- the local unit of South Korea's Hanjin Heavy Industries and Construction -- defaulted on $1.3 billion in loans.

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