On the buses

The logic behind Singapore''s latest piece of M&A is overwhelming.

In a meeting with the CFO of Hong Kong's subway Clement Kwok a few weeks ago, the MTR spent a good deal of time complaining about how passengers were being lost to rival bus companies. Kwok must wish he was in Singapore, where the attitude of MTRs equivalent, the SMRT, seems to be that if you cant beat the bus companies, then buy one.

This is the most significant transaction ever done in the Singapore transportation landscape and has created a leading multi-modal transport operator, says Philip Lee, managing director and head of Singapore investment banking for JPMorgan.

He is referring to the announced takeover of TIBS by...

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