FirstGroup plc and the Scottish Passenger Rail franchise: A report on the proposed acquisition by FirstGroup plc of the Scottish Passenger Rail franchise currently operated by ScotRail Railways Limited.

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Contents
Report
Full text of report	FirstGroup plc and the Scottish Passenger Rail franchise: A report on the proposed acquisition by FirstGroup plc of the Scottish Passenger Rail franchise currently operated by ScotRail Railways Limited.
Appendices
A	Terms of reference and conduct of inquiry
B	Financial background to FirstGroup plc and ScotRail Railways Limited
C	Rail regulation
D	Own price elasticity of demand for bus and rail
E	Treatment of bus:rail substitutability in previous reports
F	Substitutable and complementary flows
G	Overlaps: Identification of routes with potential for bus to rail substitution
H	Significant overlap flows to or from central Glasgow and Edinburgh
I	Bus to rail substitution
J	FirstGroup’s bus undertakings
K	Entry
L	Regulation of local bus services
M	The roles of SPTE and the local authorities
N	Customer benefits
O	Information required by monitor
Glossary