Stagecoach denies speculation it is selling up

Speculation that Stagecoach is poised to sell its Auckland and Wellington bus fleets has been fuelled by the British press, although denied by the Scotland-based company.

A Sunday Times report that the company has decided to shed its New Zealand operation, which includes Fullers ferries, also sparked a call from the union movement yesterday for Auckland buses to be returned to public ownership.

Tramways Union president Gary Froggatt said the Auckland Regional Council should seize the chance to buy back the bus fleet sold to Stagecoach for $111 million in 1998. The British newspaper says analysts believe a sale could raise about 100 million pounds ($252 million), and that potential buyers include Singapore-based ComfortDelGro.

Stagecoach New Zealand managing director Bill Rae yesterday repeated a denial he gave the Herald three weeks ago of a rumour then circulating among Auckland union delegates that ComfortDelGro had already bought his operation.