Stagecoach Group PLC - Perth, Scotland-based transport provider - Pan-European Infrastructure III SCSp, an infrastructure fund managed by DWS Infrastructure, receives acceptances from 363.9 million shares in Stagecoach, reflecting a 66% interest in the company, clearing all conditions for its £594.9 million bid and making the offer unconditional.

As a result of the Pan-European deal becoming unconditional, National Express Group PLC’s proposed all-share combination with Stagecoach has lapsed.

‘The business has made an encouraging start to the year, with revenue recovering to 2019 levels and improving through the first quarter. Looking ahead, we anticipate a further recovery in demand over the balance of the year,’ National Express stated.

Current Stagecoach stock price: 104.56 pence

12-month change: up 19%

Current National Express stock price: 252.80 pence

12-month change: down 11%

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