Rolls-Royce: Still Says It Won't Breakup
Rolls-Royce still says it doesn't plan to break up, even with ValueAct Capital now on the board. VA owns ~11% of the engine maker.
Rolls on whether VA can break up the company: “They have not and we will not break the company up.” Sounds like a challenge.
With 5 businesses – civil aerospace, defense aerospace, marine, nuclear, and power systems - something has to go. It'll likely be the marine business first. Rolls is already open to asset sales.
VA says on its board appointment “It is a privilege to be joining the board and I look forward to working closely with the board members and management team as they execute their plans for sustained long-term success.”
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