BUSINESS * UK - FirstGroup to sell 800 US school buses in Laidlaw remedy
London,UK -Thomson Financial -2 Oct 2007: -- FirstGroup PLC said it has agreed to sell about 800 yellow school buses in return for regulatory approval of its acquisition of US bus operator Laidlaw International as it reported a good start to the first half of the year... The company said the sale and further limited divestments or contract terminations would result in the disposal of 3 pct of the 62,000-strong school bus fleet of the combined business... The group, which expects the deal to close during US business hours today, said the overall resulting financial impact of the undertakings would be 'significantly less onerous' than it expected when it announced the deal in February...
* FirstGroup abandons equity issue
London,England,UK -The Financial Times, by Maggie Urry -October 1, 2007: -- FirstGroup scrapped plans for a £175m equity issue to help finance the $3.4bn acquisition of Laidlaw, the US owner of Greyhound buses, plus a fleet of 40,000 yellow school buses, as it neared the completion the deal on Monday... It also issued a positive trading statement, reporting good revenue growth and margin improvements in its UK bus and rail business... "The group has made a good start in the first half of the year, in line with management expectations,” it said...
Labels: business
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