Shares in National Express have accelerated by nearly 5% on news that the Cosmen family has increased its stake in the bus and rail operator.
According to an official statement Jorge Cosmen has bought another 501,823 shares at 341p each, taking the Spanish family's stake to 18.97%. The news has sent National Express shares up 16.7p to 357.7p.
The company has announced a proposed rights issue to raise £360m to repay debt, following the collapse of, firstly a bid by the Cosmen family and private equity group CVC, and then an all share merger offer from rival Stagecoach.
It is believed the Cosmens would prefer National Express to reopen talks with Stagecoach, and raising their stake may be designed to give them a little more clout in deciding the company's future.
