The Spanish have given up and the Scots have moved in. October saw Spain’s Cosmen family and its CVC Partners consortium drop its £765m bid for National Express Group. Soon after the troubled group revealed that it had received a “highly preliminary” £1.7bn merger proposal from Perth-based Stagecoach. The proposal would see NEG shareholders hold no more than 40% of the enlarged group.
Stagecoach chief executive Brian Souter is clearly very keen to get his hands on...
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