With industry consolidation on the agenda, who will merge with who?

The game of musical chairs looks like it could get going once again. Earlier this decade the UK public transport market began what looks to have been a final round of consolidation. That consolidation now looks to be continuing but with a global dimension.

It all began with the news that Transdev had entered merger talks with French utilities giant Veolia over the combination of their respective transport businesses. That tie-up will create a substantial global transport business and seems to...

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