Roads & Transportation

DPW makes enormous £3.9bn offer for P&O

27 Jan 2006

The Dubai port company topped PSA s bid by 11%. And who says that s a lot? None other than Sultan Ahmed Bin Sulayem, DPW s chairman. But the Singaporean rival may make an even more uneconomic bid. It too has no outside shareholders to complain.

PSA ignites bidding war for P&O

11 Jan 2006

It seems money is no object when it comes to bidding for the last listed global ports operator. The Singapore port operator's approach tops what was already a very rich price from rival Dubai for the UKlisted group.

France sells motorways for hefty E14.8bn

14 Dec 2005

That's a great result for the French govenment. It's nearly E2bn more than initially expected. The bidders have been able to pay so much becuse they are leveraging the companies to the hilt.

French TV merger may not be as fantastic as it looks

14 Dec 2005

Merging French payTV platforms TPS and Canal Plus group makes all the sense in the world if they can create a monopoly. But, if Italy is any guide, regulatory authorities may demand that they surrender exclusivity to premium content. That would be painful.

TNT investors should thank the spur of private equity

6 Dec 2005

A buyout of the Dutch postal group is a tall order. But the very spectre of a private equity bid has kicked management into action. A E1bn buyback and the sale of TNT's logistics arm are a step in the right direction.

Dubai digs deep for £3.3bn P&O deal

29 Nov 2005

Governmentbacked Dubai Ports is paying a rich price for the UK port and ferries group. That makes a counterbid less likely.

Bidding war looms for £3bn P&O

31 Oct 2005

Dubai Port World, which has approached the UKlisted ports operator, is thought to be offering a good price for the business. But P&O has scarce assets in an attractive business. DP World is unlikely to be the only bidder.

Germany may sell iconic Autobahn

26 Oct 2005

The finance minister designate says the government may sell off the motorways. It's easy to see why, given possible proceeds of over E80bn. But buyers should keep an eye on repair bills. Many routes are in need of an upgrade.

Cendant plans four-way split up

24 Oct 2005

Investors have tired of the complexity of the $21bn US services conglomerate. So it will split into its component businesses. The new companies will be easier to value, and to take over. Hotels, rental cars and real estate agents are all natural LBO businesses.

Railtrack defeat was not in vain

16 Oct 2005

Shareholders in the UK rail operator always faced an uphill task to prove the government deliberately set out to harm them. But in the court of public opinion, the government had long been convicted. It will need to change its ways to regain the trust of business.

Bidders flock to E13bn French motorway sale

24 Aug 2005

With shares in the three motorway groups at alltime highs, it s a good moment for the government to be selling down more of its holdings. Buyers still have more upside to play for. But much depends on the financing. At least there are plenty of banks willing to foot the bill.

Tui surprises with $2bn (E1.7bn) shipping bet

22 Aug 2005

By snapping up CP Ships, the German conglomerate appears to have made an aboutface in its strategy of concentrating on tourism. With a E1bn rights issue looming, it will take a lot of convincing to get investors onside.

London wins the 2012 Olympic bid

6 Jul 2005

Londoners are rightly celebrating an Olympic victory that promises muchneeded regeneration for London s East End. Its challenge is to avoid the kind of construction cost overruns that have dogged previous host cities.

Now for the real Eurotunnel battle

19 Jun 2005

Eurotunnel s chairman may be able to soften his stance towards creditors after surviving a crucial shareholder vote. But the battle between shareholders and creditors during Eurotunnel s £6.3bn debt restructuring will still be a painful one.

P&O Nedlloyd cashes in at top of the cycle

10 May 2005

Danish shipping giant Maersk is buying the Dutch firm for E2.3bn, with a healthy premium built in. It makes sense for Nedlloyd to sell now, just as freight prices are falling. It makes less sense for Maersk unless the move is defensive.

What’s the link between Iraq and Railtrack?

3 May 2005

Well, it looks like in both cases the UK government committed itself to a course of action and fixed facts around policy. Moreover, the government placed undue pressure on civil servants and wasn't straight about what it was doing.

Eurotunnel revolution devours its own children

26 Apr 2005

The rebels kicked out management last year because they felt a rescue plan involving a debtforequity swap was "appeasement" of creditors. Now, having failed to come up with anything resembling a plausible plan, they face an even bigger haircut.

Cintra shouldn’t be greedy at IPO

21 Oct 2004

In theory, the toll road operator should be easy to value. But the Spanish group isn't a runofthe mill operator. Cintra is aiming for growth rather than yield. The price range reflects the risks, but not by a wide margin.

Reality sinks in for Eurotunnel shareholders

20 Apr 2004

The latest traffic figures for the crosschannel operator show revenues keep on shrinking. The cocky new management might have to swallow its pride and fall back on its predecessor s rescue plan to avoid a meltdown.

Eurotunnel rebels boot management

7 Apr 2004

To most observers, this means the crossChannel operator could be heading for a meltdown. Yet shares have rallied nearly 10%. One explanation is shareholders think a government rescue is on the cards. But that looks unlikely.