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May 20, 2008

Group bids $12.8B to lease Penn. turnpike

  • Pennsylvania's governor predicts the Abertis-Citi deal would generate about $1.1 billion a year in the first 10 years for the state to spend on roads, bridges and mass transit.
    • By MARK SCOLFORO
    Associated Press Writer

    HARRISBURG, Pa. — A Spanish company and a unit of Citigroup Inc. teamed up to submit the largest bid for the right to lease the Pennsylvania Turnpike for the next 75 years.

    Barcelona-based Abertis Infraestructuras, Abertis investor Criteria CaixaCorp of Spain and Citi Infrastructure Investors offered $12.8 billion, beating their nearest competitor by $700 million, Gov. Ed Rendell said Monday.


     
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