National Express shuns FirstGroup approach

Struggling National Express has snubbed an approach over a possible takeover by the UK's biggest transport firm, FirstGroup.

There is a "significant industrial and commercial logic" in a combination of the two companies, Aberdeen-based First said.

But National Express said it does not not consider it appropriate to enter talks with its larger suitor "at present".

The firm, which has debts of £1.2 billion, is attempting to renegotiate the onerous terms of its East Coast rail franchise with the Department for Transport.

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