Coach merger talks

NATIONAL Express has unveiled plans for a potential all-share takeover of rival Stagecoach in a move that would bring together two of the UK’s biggest transport groups. Under the terms of the possible tie-up, National Express would own around 75% of the combined group and Stagecoach shareholders around 25%. The deal would value Stagecoach at £445 million. It comes after both firms have been hit hard by the pandemic, with passenger numbers slumping.