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Transport group draws interest

FirstGroup break-up rumours as Italians eye rail operations

FirstGroup train, First Group rail services,

Rail services are being watched by Italian company


 

Transport giant FirstGroup could be facing a break up as rival operators express interest in various parts of the business.

The Aberdeen-based company is understood to have held talks with state-backed Italian train operator Trenitalia over a sale of its UK rail arm, according to the Sunday Telegraph.

This follows comments from National Express CEO Dean Finch, that he is eyeing some of FirstGroup’s UK bus operations.

It has already appointed advisers to look at options for its US bus subsidiary Greyhound.

FirstGroup appointed Wolfhart Hauser as executive chairman in May, succeeding John McFarlane, after chief executive Tim O’Toole resigned following the announcement of a full-year statutory loss before tax of £327m.

The company rejected two bids earlier this year from Apollo Global Management.



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