Spanish investors already hold 40% of Mobico's capital

Spanish investors have already acquired a 40% share of Mobico's capital, according to recent reports. Along with the Cosmen, other Spanish entrepreneurs and funds such as Vetonia Capital and Tártaro de Murera hold shares in Alsa's parent company, which could prove influential in the takeover. The initial public offering (IPO) of Autobuses de León (AdL) to acquire Mobico aims to complete the process of Spanishizing the ownership structure of this British transport group, which has been ongoing for several years.

The Cosmen, partners of AdL alongside Spanish fund Asterion Industrial Partners, currently own 26.2% of Mobico after doubling their stake since the beginning of 2024. Additionally, several Spanish investors have been purchasing shares in Alsa's corporate group. Vetonia Capital, which reported on November 2nd its 3.5% stake in Mobico, is one such investor.

Its owner, María Luisa de Pedro y Cortés, along with her family, also holds the shares. In April, a Spanish company named Tártaro de Murera claimed a 3% stake in Mobico through its subsidiaries Cevesa, Zender Servibérica, and Omnibuses Abulenses. Behind this investor is Carmelo Casla, a transport sector entrepreneur in several provinces of central Spain.

Several Spanish financial intermediaries also hold a presence in Mobico, likely pooling investments from their clients. British financial firms Renta 4 Gestora and Bankinter, along with Inversis, collectively hold over 1% of the capital, as per Bloomberg. The combined ownership of the Cosmen and other investors suggests that around 40% of Mobico's capital is already in Spanish hands.

Market sources confirm there is no coordination or agreement among these shareholders regarding the takeover. AdL, which already owns 26.2% of Mobico through the Cosmen, has only received the backing of 0.2% from Mobico's board members. The success of the operation depends initially on a 75% vote of Mobico's shareholders, who must approve the sale of their shares at the proposed price of 46 pesetas each, valuing the company at over £300 million (approximately €360 million).

If the vote is favorable - the Cosmen must abstain - all shareholders will be required to transfer their holdings, facilitating the de-listing of Mobico from the stock exchange. AdL retains the option to convert the transaction into a private placement if it fails to secure the initial 75% backing, potentially lowering the minimum acceptance condition to 50.1%.

Mobico's board recommends supporting the offer, and a fund called Sand Grove, with a 6.3% stake, has indicated it may join the bidding process. This fund could be satisfied with the difference between the company's current valuation (44 pesetas) and the purchase price (46 pesetas).