Apollo stalks FirstGroup with takeover interest
New York private equity firm Apollo Global Management has made a takeover approach for transport operator FirstGroup (FGP).
Although FirstGroup did not disclose any financial details
when rebuffing an initial approach, it looks to be an opportunistic move given the shares have been weak over the last 12 months.
Any deal could face political obstacles with Liberum analyst Gerald Khoo noting: ‘Private equity ownership of rail franchises seems unlikely to be acceptable.’ (TS)