Is TfL About To Buy Out Tubelines Shareholders?

Update: TfL have now confirmed this story, saying it will cost £310m to buy out Tubelines.

It is being reported that TfL are planning to buy out Tubelines shareholders and put the final nail in the PPP coffin. The Times reports that TfL "will buy out Amey and Bechtel, the shareholders that control Tube Lines."

A similar offer was rejected last autumn - but this time around £400 million could be paid to these shareholders.

Bob Crow, RMT's General Secretary said "If the reports are true that Tube Lines is at last being taken back under public control it would be a welcome development and would kill off the privatisation disaster on the Tube once and for all."

"Rather than finding out about such an important development through leaks to the press, staff and passengers are entitled to hear it direct from Mayor Boris Johnson himself.
"This will be a recognition on a massive scale that transport privatisation does not work and RMT's campaign to roll out the renationalisation of the rail network will continue regardless of who forms the next government."

Olly New, RMT London Transport Region C of E member comments "it seems that Mayor B Johnson has decided to get TfL to buy out Tube Lines shareholders! What a mad carry one – to privatise the Underground and then buy it back with public money.

It has been announced after the elections so that the Tories don’t have to defend this madness to the electorate. Obviously we totally welcome the end of the PPP, this is a victory of the RMT which fought the PPP from the start. But where is TfL going to find the money from? It should not be from the LT workers, who have suffered from the effects of PPP enough."

Tfl and TubeLines spokespersons, it is reported in The Times, both gave the same statement - "TfL continues to work closely with Tube Lines and its shareholders, Amey and Bechtel, to explore all options to address the issues outlined by the PPP Arbiter. The parties are yet to reach any conclusion, but we remain committed to working with Tube Lines and its shareholders to identify the best way of providing the vital improvements the Tube needs.”