Stelios loses its grip on easyJet after 26 years Business

Sir Stelios has clashed with easyJet management on several occasions over the airline’s expansion plans.

After easyJet appealed to shareholders at the start of the pandemic, it warned it would not back the board if they returned to the market to ask for more money from investors.

Sir Stelios declined to comment on the dilution of its stake in easyJet.

Some 93% of shareholders backed the £ 1.2bn rights issue, set up to repay debt and capitalize on the problems facing “legacy” carriers such as British Airways.

EasyJet’s stance was bolstered last week after BA’s plan to launch a new short-haul airline at Gatwick was quashed by its pilots who rejected the proposals.

BA will continue to operate long-haul services from the airport, but it is not clear whether it will sell the Gatwick landing slots or transfer them to another IAG airline such as Aer Lingus or Vueling.

Shares ended down 2.7% to 690%, valuing the company at £ 5.2 billion. The stock was at 412p at this time last year.

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This notice was published: 2021-09-28 17:05:08

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