Spain's Cosmen family, the largest shareholder in UK-transport group National Express, has denied rumours over the weekend that Jorge Cosmen is to resign as deputy chairman of the company.
On Sunday a spokesman for the family said: "Jorge Cosmen is not thinking of resigning. The Cosmen family continues to be committed as a long-term shareholder of National Express."
This was in response to an article in British newspaper the Mail on Sunday stating Jorge (pictured) was planning to resign after merger talks with rival transport company Stagecoach were terminated by National Express last week. The article went on to say Jorge's resignation could come as early as this week.
The family announced publicly on Friday it was unhappy with National Express's decision not to move forward with Stagecoach merger talks. (Click here to read our coverage of the story) The statement criticised the handling of the proposed merger and said the decision not to go ahead with talks limited the company's options and threatened its share price.
Scotland-based Stagecoach stepped in with a merger proposal for the debt-ridden transport group in mid October after the Cosmens withdrew their takeover bid and supported equity fundraising measures. (Click here to read our coverage of the story)
The Cosmens first became involved with the transport group in 2005 when National Express purchased the Cosmen family coach business, Alsa. As part of the deal the Cosmens gained a 10% stake in National Express and have since increased their holding to 18.5%.
National Express is struggling under the weight of £1.2 billion of debt after making cash acquisitions of both Alsa and another Spanish coach operator Continental Auto.
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