Source - SMW
First MTR South Western Trains - a joint venture between FirstGroup  subsidiary First Rail Holdings and MTR Corporation (UK) - has submitted a bid to the Department for Transport in respect of the South Western rail franchise.

The two shareholders have also entered into a joint venture agreement governing First MTR South Western Trains Limited, which amongst other terms provides that, in the event of a default by either shareholder, the other shareholder will have the right to acquire the defaulting shareholder's shares for fair value, such amount not being subject to any cap.

At 3:23pm: (LON:FGP) FirstGroup PLC share price was +1.65p at 112.65p