THE UK's biggest transport firm, FirstGroup, said today that struggling rival National Express had snubbed an approach over a possible takeover.
Aberdeen-based First said there was a significant industrial and commercial logic in a combination of the two companies.
National Express is burdened with debts of £1.2bn and attempting to renegotiate the onerous terms of its East Coast rail franchise with the Department for Transport.
The firm said it did not consider it appropriate to enter talks with its larger suitor at present.
More to follow later
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