Cosmen backs Stagecoach
JORGE Cosmen, National Express’ deputy chairman and largest shareholder, is backing rival Stagecoach in its bid for the ailing transport group.
Cosmen, who pulled out of a joint bid with CVC Capital Partners to take over National Express last week, said he would now support an approach from Perth-based Stagecoach.
The Scottish company had been set to take over the UK operations of National Express if the consortium’s original bid had been successful.
Under Takeover Panel rules, Stagecoach needs National Express’ board backing for a takeover.
Meanwhile, National Express said it intends to press on with a discounted rights issue to deal with funding problems.
The firm has been a takeover target since the government said it would be stripped of its East Coast rail franchise after it failed to keep up with franchise payments.