Italy's state rail owner gatecrashes Virgin's rival Eurostar service [Yahoo! Finance]
FIRSTGROUP PLC UNS ADR (FGROY)
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Source: Yahoo! Finance
In an audacious move, Ferrovie dello Stato Italiane, known as FS Group, said backing from US private equity firm Certares will allow it to operate high speed trains through the Channel Tunnel by 2029. The bold move comes after the Italians lost out to Sir Richard Branson's rail group just two months ago in a competition to end Eurostar's 30-year monopoly. That contest saw the UK rail regulator award Virgin the last remaining space in Eurostar's London depot – apparently ending Italy's hopes of entering the cross-Channel market. However, FS Group has now hatched a new plan to circumvent a lack of storage capacity for trains in the UK to launch a third service on the route. It will base a fleet of 10 Channel Tunnel trains at a new €100m (£87m) facility to be built outside Paris – meaning it would not need to store trains in a UK depot and can operate them from France directly into the UK. The plan would require just one train for the first morning departure from St Pancras to
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