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Icelanders raise easyJet stake
Icelandair owner FL Group has raised its shareholding in easyJet, renewing speculation of a possible takeover attempt.
FL Group took is share up from 13% to more than 16% in the UK no-frills carrier – a level almost equivalent to easyJet founder Stelios Haji-Ioannou.
The Icelandic investment group unveiled a £137 million bid for leading Scandinavian low cost carrier Sterling Airways earlier this week and planned to raise more than £400 million for further expansion of its aviation interests, according to the Financial Times.
But Haji-Ioannou and his family hold 40% of easyJet. He reportedly told the Daily Telegraph that because he owns the Easy brand privately and licenses it to the airline, “I would not exit from easyJet plc as the brand is a key component to my overall Easygroup expansion plans”.
FL, which has been building its stake in easyJet since last year, would face complications in making a bid for the airline as its articles of association prevent non-UK investors from holding more than 40% of the shares, the FT reported.
Report by Phil Davies
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