TRANSPORT group Arriva, some of whose trains and buses serve York and North Yorkshire, has confirmed it is in advanced talks on whether to sell up to a German group.
Sunderland-based Arriva, whose CrossCountry rail franchise runs through York between Aberdeen and Penzance, also runs bus services between Selby and York, as well as between York and Wetherby.
Its board has confirmed it is in advanced stages of a possible takeover by Deutsche Bahn.
The German company is willing to pitch 775p in cash for each Arriva share. If accepted, then Arriva shareholders should be entitled to receive a proposed final dividend of 18.8p per Arriva share for the financial year ending December 31, 2009, to be paid on May 10.
All this is subject to satisfactory conclusion of a due diligence review by Deutsche Bahn, a unanimous recommendation by the Arriva Board and approval of the terms Deutsche Bahn’s management board and supervisory board. It will also need the endorsement of the German ministries of transport, finance and economic affairs.
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