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.
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)
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