National Express at odds with Elliott

National Express has squared up to its second-biggest shareholder in a dispute over demands for a boardroom shake-up at the transport giant.

The American hedge fund Elliott, which has been lobbying National Express to consider a sale or break-up of the business, is proposing three non-executive directors for election at the company's annual meeting on 10 May.

National Express called on its shareholders to reject the resolutions from Elliott and said it was already working on plans to appoint additional non-executive directors to represent the interests of all shareholders. Elliott holds or has an interest in 17 per cent of the coach and bus operator.