Spain Cosmen May Buyback National Express’ Alsa, Expansion Says

Elliott Advisors UK Ltd. may seek the separation of National Express Group Plc’s businesses, a move that would allow the Spanish Cosmen family to buy back the Alsa unit, Expansion reported, citing a letter from Elliott.

The Cosmen family, National Express’ largest shareholder with a 17.08 percent stake, would be in a privileged position to buy back Alsa, the newspaper said. Alsa is the Spanish bus unit of National Express; the U.K. transport operator bought Alsa in 2005 for 600 million euros ($845 million), the newspaper said.

Elliott, the second-largest shareholder in National Express, proposed to name three new independent directors yesterday as it looks to sell its U.K. bus and train businesses, Expansion said.