One of Britain’s biggest transport groups has capitulated to investors’ demands and proposed breaking itself up. However, the American hedge fund that holds 10 per cent of First Group and has been urging change believes that the company is embarking on the wrong type of restructuring and said that it will plough ahead with demands for an extraordinary meeting of the company to sack the directors. First Group, which has its headquarters in Scotland and is listed in London, plans to turn itself into an exclusively American business, concentrating on its yellow school bus and university and airport shuttles in the US. It will sell its UK bus operations and Greyhound, its chronically underperforming American intercity coach business. It also strongly signalled that it would…

Source: The Times May 30, 2019 23:03 UTC