Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

FirstGroup named as preferred bidder for transport services for London 2012 Olympics

Travel and transport company FirstGroup (LSE: FGP) started the first day of the new week on the positive note, announcing that it had been named as preferred to provide bus and coach shuttle services for the London 2012 Olympics.

Shares in the FTSE 250 constituent rose around 3% on the news.

If FirstGroup is confirmed as the winner of the bid, it will provide approximately 890 buses and coaches to provide shuttle services for park and ride services around the M25 motorway, express services from Olympic Park in London to Portland and Weymouth, which sailing events will take place, and shuttle services between venues in Olympic Park.

The 2012 Olympic and Paralympic Games will use a mixture of new venues, existing and historic facilities, and temporary facilities primarily across greater London.

Disclosure: The author holds no positions in the company