41.   The other bidder is Eurorail, which includes the British conglomerates Trafalgar House and BICC, banking group HSBC Holdings and National Westminster Bank.

42.   The other two bidders are the Japanese Mitsubishi with Mitsui and M.W Kellog of the United States with the Japan Gasoline Corporation.

43.   The two bidders were the French Lagaredere Groupe and Alcatel-Alsthom.

44.   The three bidders are aware of the upgrade and Salomon recommends that the private sector is better placed to finance the expansion.

45.   Lagardere and Alcatel remain the only two bidders, but each has adapted its bid.

46.   Previously, China said Hong Kong should issue only four licences to avoid excessive competition and had questioned how the six bidders were chosen.