CJ.
Sorry but I have only just noticed your question from the 8th.

My objection to the Stagecoach Acquisition is two-fold.
Firstly and leastly, I think they paid a few dollars too much given the current earnings.
Secondly, the area of public transport in Auckland and to a lesser degree Wellington is a political minefield. The risks of detrimental, to Stagecoach, interference by one or more of the innumerable bits of local and national government is too great in my opinion.