Germans 'to launch new Railtrack bid'

GERMAN-owned consortium Swiftrail is set to launch a fresh bid for UK rail network operator Railtrack, it has been reported.

The bid will offer shareholders hundreds of millions of pounds in compensation and will also give the Government the chance to buy Railtrack back in three years time, according to The Observer.

Railtrack was forced into administration in October after Transport Secretary Stephen Byers revealed the Government was withdrawing financial support.

The newspaper quoted Dan Sladden, a director at WestLB, the bank leading the consortium, as saying his team was prepared to meet the government this week to talk over the bank's new proposals.