Spain's Cosmen family has teamed up with private equity group CVC to make a joint takeover bid for UK transport group National Express, in a deal that could be worth over £500 million.
The family is the biggest shareholder in National Express, with a stake of 18.5 per cent, built up from original shares of 10 per cent acquired as part of the ┬ú460 million that National Express paid for the CosmenÔÇÖs bus and coach operation Alsa in 2005.
However, industry analysts believe that the CosmenÔÇÖs bid may not be enough for National Express, which is thought to be seeking offers that value the firm at closer to ┬ú620 million.
The offer is thought to be a break-up bid to enable the Cosmen family to take back the firmÔÇÖs Spanish interests at a greatly reduced price.
This would then leave UK rail operations, the UKÔÇÖs largest coach business and a West Midlands bus operation open to further bids.
It is thought that the rail operations could potentially be of interest to German national rail giant Deutsche Bahn.
On Wednesday, rival transport group FirstGroup announced it was pulling out of negotiations to buy National Express.
The future of National Express has been in doubt since the UKÔÇÖs Transport Secretary Lord Adonis relieved it of its flagship Kings Cross train services and threatened to take away its East Anglia Service.It also has substantial debt, acquired from the Alsa deal and its ┬ú450 million-takeover of Spanish coach operator Continental Auto in 2007.
