BGN Entrepreneur

National Express’s biggest shareholder stepped up its bid to block the troubled bus and rail group’s £360m rescue rights issue by hovering up more shares. Spain’s Cosmen family, led by NatEx deputy chairman Jorge Cosmen, has spent about £4.4m in two share deals since last Friday raising their stake in the group from 18.5pc to around 19.5pc.
Sources close to the family said that they may continue buying stock ahead of a crucial shareholder vote to approve the cash call on Friday. The Cosmens are at loggerheads with the NatEx board over strategy and are opposed to the fundraising, which would help pay down its £1.1bn debt pile. NatEx needs more than 50pc of Friday’s vote to push the fundraising through.

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