Summary
UNDER-PRESSURE transport group National Express has rejected an opportunistic takeover approach from larger rival FirstGroup, it was reported today. First's unsolicited bid comes as debt-laden National Express attempts to change the terms of its East Coast franchise agreement with the Department for Transport, said reports. National Express, which has a pounds 1.2bn debt pile, agreed to pay pounds 1.4bn over the life of the deal - struck before the recession - but passenger growth has since stalled.
A potential combination of the two firms would consolidate Aberdeen-based First's position as the UK's biggest transport firm.See the full content of this document
Extract
Takeover derailed ; Inbrief
Bo...
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