Offer For National Express Raised

Spain's Cosmen family who, with an 18.5% holding in National Express (NX), are the biggest shareholder has upped its offer for NX with what they are saying is their final bid valuing the company at £765 million. Working in conjunction with buy-out firm CVC they are looking for a board recommendation to go ahead.

Of particular interest to local rail users is the claim by NX rival Stagecoach that in the event of a takeover, the Department for Transport would not seize the East Anglia and C2C franchises as threatened following the handing back of the loss making East Coast franchise by NX. Stagecoach has agreed an outline deal with the Cosmen / CVC consortium to take on NX's UK bus and rail businesses in the event of a takeover.