Rolls-Royce sells out of aero engine joint venture

Rolls-Royce has sold its stake in a business which builds engines for Apache attack and Merlin helicopters for €293m (£250m).

John Rishton, the chief executive, decided to sell Rolls' 50 per cent share in the International Aero Engines joint venture to its partner Turbomeca, part of the French group Safran.

Rolls will continue to work with Safran on the Adour engine, which powers the Hawk jet trainer and Jaguar aircraft.

The sale is expected to complete before the end of the year.