Spanish bid for Jarvis Tube stake

SPANISH construction giant Ferrovial has emerged as an 11th-hour bidder for the one-third stake in London Underground maintenance group Tube Lines which is being hawked by distressed seller Jarvis.

But news of Ferrovial's interest could prompt intervention by Mayor Ken Livingstone's Transport for London on fears over the future ownership of Tube Lines, which runs the Jubilee, Northern and Piccadilly lines.

A spokesman for Ferrovial said negotiations have opened to acquire Jarvis's stake, which is reckoned to be under offer for a little over £100m from venture capital house Star Capital Partners.

However, Ferrovial is already a shareholder in Tube Lines after its rescue of construction group Amey and buying Jarvis's stake would give it a controlling 66%.

TfL confirmed the Mayor's transport directorate could block a change in ownership. 'We have the right to object,' said a spokesman.

Create a FREE account to continue reading

eros

Registration is a free and easy way to support our journalism.

Join our community where you can: comment on stories; sign up to newsletters; enter competitions and access content on our app.

Your email address

Must be at least 6 characters, include an upper and lower case character and a number

You must be at least 18 years old to create an account

* Required fields

Already have an account? SIGN IN

By clicking Create Account you confirm that your data has been entered correctly and you have read and agree to our Terms of use , Cookie policy and Privacy policy .

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged in