Financial Times FT.com

Consortium pulls out of $12.8bn turnpike deal

By Robert Wright in London

Published: September 30 2008 23:06 | Last updated: September 30 2008 23:45

The consortium behind the world’s biggest toll road privatisation on Tuesday night pulled out of the deal, delivering a blow to efforts to bring further private-sector money into the US’s crumbling road system.

Pennsylvania Transportation Partners, led by Citigroup and Abertis, a Spanish toll road operator, pulled out of the deal to take a 75-year lease over the Pennsylvania Turnpike because of problems winning approval in the state legislature.

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