National Express owner in £282 million takeover talks

National Express parent firm Mobico is in talks over a £282 million takeover deal from a Spanish transport company.

Birmingham-based Mobico, which also runs bus operations in Spain, Portugal and Morocco, says Autobuses de Leon (AdL) has made a proposal to buy the company for 46p per share.

Bosses say they have evaluated the approach with advisers and are “minded to recommend” the deal to shareholders, should AdL make a formal takeover offer.

A spokesperson for Mobico, whose National Express buses move people up and down the UK every day, said: “This does not amount to an announcement of a firm intention to make an offer.

“There can be no certainty any firm offer for Mobico will be made; shareholders are advised to take no action in relation to the proposal.”

Spain’s AdL is backed by CMC Group, which is Mobico’s largest shareholder, with a roughly 26 per cent stake.

Mobico has trimmed operations through disposals in recent years, which have included a deal to sell its remaining UK regional bus operator to the West Midlands local authority and a £457 million sale of its US school bus arm.

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