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National Express takeover fails

The largest shareholder in National Express has withdrawn a £765m takeover offer for the transport group.

Friday, 16 October 2009

BBC News

Financial Times

  • London fare rise to plug 'black hole'The London mayor's transport organisation is to impose the biggest real-terms fare increases in its history as it seeks to plug what it claims is a £1.7bn
  • National Express takeover offer to be withdrawnThe Spanish-led consortium bidding for National Express is set to withdraw its £765m takeover offer for the bus and rail operator, dealing a blow to the company's biggest shareholder.

The Guardian

  • Boris Johnson: transport breakdown The whole event was presented as an exercise in damage limitation for our own good. The new fares package, with its whacking great bus fare rises, large Tube fare hikes and the announcement of a subsequent congestion charge increase were presented by Mayor Johnson as helping to "protect the investments we are making." Behind him at the Northumberland Park depot in Haringey stood the latest incarnation of an Underground train, the first of its kind to work the network. Nice signalling, Boris. He said:

The Telegraph

  • CVC and Cosmen withdraw bid for National Express CVC and the Cosmen family will today withdraw their £765m bid for rail and bus operator company National Express after the consortium could not make the numbers stack up.
  • Tube fare prices will further drive out the middle classI gave up using the Tube on an everyday basis years ago – why spend a fiver a day to be crowded onto cattle trucks on an unreliable, knackered-out old line when I could get on my bike and experience the joy that is cycling in London – taxis trying to kill you, buses trying to kill you, other cyclists trying to kill you, etc…

Belfast Telegraph

  • Ferry company Norfolkline to create 60 jobs Ferry company Norfolkline is establishing a new European Finance Service Centre in Belfast, creating about 60 jobs, it was announced today. Related StoriesNew Norfolkline centre creates 60 jobs in BelfastRoute move by Easyjet ratchets up airport warGoldman Sachs profits means a bonus for staffTripartite research projects valued at £6.4mBarclays awaits payment protection decision
  • Route move by Easyjet ratchets up airport warThe battle between Belfast's rival airports has reached new heights after budget airline Easyjet announced it is switching a core route from Belfast International to George Best City Airport.Related StoriesFerry company Norfolkline to create 60 jobsNew Norfolkline centre creates 60 jobs in BelfastGoldman Sachs profits means a bonus for staffTripartite research projects valued at £6.4mBarclays awaits payment protection decision

Liverpool Echo

London Evening Standard

Yorkshire Post

Reading Evening Post

Railnews

  • News: London Underground fares to rise by 3.9% in 2010 The Mayor of London has announced real terms increases in Transport for London fares from January 2010, with the cost of Underground journeys set to rise by an average of 3.9%. The TfL budget, already under siege, is being strained still further by the economic downturn, but London TravelWatch said it was ’appalled’ by the rises.

Transport for London

Other News Sources

  • Boris: Metronet collapse forces Victoria work haltA combination of the collapse of Tube upgrade contractor Metronet and fewer commuters using the tube has forced Transport for London (TfL) to abandon work to upgrade stations and postpone the much-needed Victoria tube upgrade.
  • Maintenance remains cost issue for Highways AgencyA new report by the National Audit Office (NAO) has criticised the Highways Agency™s Maintenance Area Contracts (MAC), which it says is responsible for cost hikes some 11% above inflation for routine maintenance.

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