Failed Sydney Toll Tunnel Finds Buyer

Australia's Transurban Group is raising A$800 million (US$666 million) in equity and debt to acquire Sydney's Lane Cove Tunnel concession, now in receivership, and to finance upgrades of other toll roads. At the same time, Transurban this month rejected an A$13.8-billion (US$11.5 billion) takeover bid by Canadian and Australian fund managers, which had been revised in light of the Lane Cove deal.

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