Arriva buys German bus and rail firm Osthannoversche Eisenbahnen UPDATE |
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Wed, 17 Jan 2007 11:41
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(Adds detail from statement)LONDON (AFX) - UK transport group Arriva PLC said it is buying 85.12 pct of German bus and rail company Osthannoversche Eisenbahnen AG (OHE) for 30 mln eur.Arriva-Bachstein GmbH, a consortium between Arriva and regional transport operator Verkehrsbetriebe Bachstein GmbH, made a bid for the business after the German federal government, the Lower Saxony regional government and German state railway Deutsche Bahn AG decided to sell their shares.Arriva is the major partner in the consortium, owning 86 pct, while Verkehrsbetriebe Bachstein GmbH holds the remaining 14 pct.The move represents a continuation of Arriva's policy of expanding into the European bus and rail market. The Sunderland-based group has revenues in mainland Europe of more than 1 bln eur and operations in Denmark, Germany, Italy, the Netherlands, Portugal, Spain, Sweden, the Czech Republic and the UK.Arriva's chief executive David Martin said: 'This acquisition will be a welcome addition to our increasing European operations and further strengthens our position in the German transport market.'OHE is a diverse business and as a leading European transport group, we can use our wide experience to help the business develop whilst also learning from our experienced consortium partners and the local management team.'The acquisition is subject to approval from German regulators and the satisfactory outcome of negotiations with VBL, the German pension authority.It is expected to be confirmed and finalised by the end of February.philip.waller@thomson.compaw/lamCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Arriva buys 85 pct of German bus and rail firm for 30 mln eur 