It’s been a long road for Kinetic’s private capital owners, the $4 billion multinational bus group whose sale was halted late last year after bids for 100 per cent of the business failed to meet expectations. But Street Talk understands sell-side adviser Macquarie Capital has done some soul-searching over the Christmas break, fronting up to interested parties with a new pitch.

Rather than a full sale, sources said private capital owners Canadian pension fund OPTrust and minority shareholder Foresight Australia have reemerged with a breakup play, offering Kinetic’s Australian and New Zealand assets. The owners will hold on to the remaining international assets.