Newspaper article The Journal (Newcastle, England)

Arriva to Take Control of German Firm; Stocks and Shares

Newspaper article The Journal (Newcastle, England)

Arriva to Take Control of German Firm; Stocks and Shares

Article excerpt

Byline: Anthony Peart

BUS and rail operator Arriva was pleased to announce that the group has agreed to acquire a controlling interest in German transport company Osthannoversche Eisenbahnen AG.

The acquisition is subject to the approval of the German competition and pensions authorities.

The deal will enable Arriva to purchase 86% of the company at a cost of around pounds 20.5m.

The remaining 14% will be held by Arriva's partner, transport group Verkehrsbetriebe Bachstein GmbH.

Arriva 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."

Arriva hopes the deal will be finalised by the end of February. Arriva's share price moved higher by 5p to close at 755p.

Elsewhere in the market, Scottish & Newcastle announced that it has agreed to sell its Courage ale brands to brewer Wells & Young's. …

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