Elliott sells Nat Express shares

City A.M. Reporter
ELLIOTT Advisors (UK), the biggest investor in National Express, said it was selling half of its near 20 per cent stake in the British transport group to diversify its portfolio.

The fund manager said it would sell 50.6m shares, representing about 9.9 per cent of National Express’s share capital, in a placing with institutional shareholders, with Bank of America-Merrill Lynch as sole bookrunner.

It will retain about 9.9 per cent of National Express after the sale, and said it remained one of its most important investments.