LONDON, March 6 Elliott Advisors (UK), the
biggest investor in National Express, said it was
selling half of its near 20 percent stake in the British
transport group to diversify its portfolio.
The fund manager said it would sell 50.6 million shares,
representing about 9.9 percent 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 percent of National Express after
the sale, and said it remained one of its most important
"Elliott is a strong believer in National Express'
management team and its strategy for continued outperformance
and has confidence in the company's outlook and future
prospects," it said in a statement.