LCR rejects takeover bid

March 31st 2006

Shareholders in London and Continental Railways, builders of the Channel Tunnel Rail Link, have opted against selling the company in a competitive tender.

The shareholders had been approached by a consortium looking to purchase the company, forcing the government to open up the bidding process to other potential buyers. But they have rejected the offer.

Transport secretary Alistair Darling announced he would discuss with LCR shareholders their future relationship with the government, including best value for money from the project, at a later stage.

He said: “It is clear that certain shareholders do not wish to sell their shares at this time. There is therefore no need to proceed with a competitive process now.”

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