The consortium featuring investment firm Babcock & Brown has
taken the lead in the £3.5bln race for Angel Trains, the rolling
stock leasing company (rosco) put up for sale by Royal Bank of
Scotland (RBS), reported The Daily Telegraph.
Babcock & Brown, which began its bid for Angel alone, teamed
up with rival bidders, Deutsche Bank and the American International
Group in January. The tripartite team are now reportedly ahead of
its nearest rival, Australian infrastructure fund, Macquarie.
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The Telegraph said Babcock-Deutsche-AIG was in detailed talks
with Angle’s adviser Lazard, the bank running the auction.
A third bidder,Terra Firma’s Guy Hands, joined the bidding at
the 11th hour and is currently some way behind.
The consortium is not in exclusive talks, however, and RBS is
still open to a better offer from any of the bidders for Britain’s
biggest rosco. Angel owns 5,000 locomotives and coaches, including
all 53 Pendolino tilting trains which run on the West Coast Main
Line.
