Tuesday, 8 September 2009

NX Looking At Alternatives To Cosmen / CVC Takeover

Media reports suggest that National Express (NX) is working on a last ditch plan to offer its UK bus and rail franchises, which include National Express East Anglia, directly to Stagecoach in a side deal which could save it from a takeover by the Cosmen family and CVC.

The sale of UK assets to Stagecoach would allow NX to significantly reduce the size of a deeply discounted rights issue that was initially intended to raise £350m in an attempt to reduce its significant debt problem.

As mentioned previously, Stagecoach appears to have provisional agreement from the Department for Transport to take on the NXEA and C2C franchises.

No comments:

Post a Comment