The Board of Railtrack Group have received an offer from London & Continental Railways (LCR) to acquire Railtrack’s interest in Section 1 of the Channel Tunnel Rail Link. In addition the Board have received an offer from Network Rail for the rights to operate the completed link and the concession to manage St Pancras Station. The combined offers total £375 million.
LCR is offering to acquire the rights to the Section 1 concession from Railtrack Group for £295 million.
Network Rail is offering to pay £80 million for the rights to operate, manage and maintain the link and the concession to manage St Pancras station.
Once the detailed terms of the offers have been established, the Board will formally consider them.
Commenting on the approach Railtrack Group Chairman Geoffrey Howe said;
“We welcome the offers for Railtrack’s interest in the Channel Tunnel Rail Link. If the negotiations are successfully concluded it will be the Board’s intention to hold an Extraordinary General Meeting in due course to allow shareholders to consider the offers for CTRL and the offer from Network Rail for Railtrack PLC”.
