E&Y faces ‘collaborative’ Railtrack bid

According to reports, WestLB has written to Ernst & Young, the Railtrack administrators, outlining its proposed approach of avoiding a competitive auction, saying the size and complexity of the company made such a process difficult and would delay any restructuring of the company.

Although E&Y has yet to respond, it is believed WestLB pitched the idea to the administrators at a meeting last week, followed up in a letter which raised the bank’s concerns about a possible conflict of interest at the Transport Department over the proposed not-for-profit bid.


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