Corporates: TCL, FBU, TRS

  Roll road operator, Transurban Group, says there's been no new approaches from possible bidders from Canada and Australia.The group, which is the country's biggest toll road operator (it owns the M2 in Sydney and is eyeing the bankrupt Lane Cover Tunnel) told the market yesterday it hadn't & #160;received any further takeover approaches from two Canadian pension funds since rejecting their & #36;6.8 billion & #160;offer last & #160;November.Nor has the company heard from the Australian Future Fund, which has indicated it could be interested in joining the two Canadian groups in an offer.In a statement to the ASX yesterday The directors of Transurban repeated previous comments that the & #160; & #36;5.25 a share proposal from Canada Pension Plan Investment Board and Ontario Teachers' Pension Plan undervalued the group. & quot;Almost four months have passed since the original proposal and there have been no further approaches by CPPIB, OTPP or the Future Fund, & quot; directors said. & quot;Since receiving the proposal the Transurban Board has revalidated the Group's internal financial model and confirmed its view of the value of Transurban. Transurban's corporate advisor, Lazard, has completed a separate review of this work and concur with the Board's view of value. & quot;The Board has also had discussions with a number of other shareholders in the period post receipt of the proposal from CPPIB/OTPP and noted their views of the incomplete nature and inadequate pricing of the October 2009 proposal. & quot; & #160;Transurban reported yesterday that & #160;net profit for the December half rose & #160;to & #36;54.2 million from & #36;3.2 million in the first half of 2008-09 when asset write downs and other costs took their toll.Transurban securities closed at & #36;5.10 yesterday, up 4c on the day.They had fallen to & #36;4.99 during the day, the lowest they have been since the Canadian bid came last November.The company said an interim distribution of 12 cents per stapled security will be paid. & quot;Transurban has provided guidance that distributions are expected to total 24 cents for the financial year ended 30 June 2010, which represents 9 per cent growth on the FY09 distributions of 22 cents, & quot; the company said.  

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