Stagecoach has scrapped plans to buy a Devon bus business from rival FirstGroup after the Office of Fair Trading (OFT) referred the deal to the competition regulator. Stagecoach had initially agreed the £2.8 million acquisition of FirstGroup's North Devon and Torridge bus business in March. The move by the OFT comes after Britain's bus industry was singled out for its lack of competition by the mergers regulator in December last year.
http://www.reuters.com
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