LONDON, Sept 9 — EasyJet has rejected a takeover approach from Wizz Air that would have created a low-cost airline to rival Ryanair, opting instead to raise US$1.7 billion from shareholders and go it alone in an industry battling to recover from the pandemic.
The approach was “highly conditional in its nature which made it very uncertain in terms of the deliverability of it,” easyJet Chief Executive Johan Lundgren told reporters, without giving details. Wizz has a stronghold over eastern European destinations like Poland and Romania, while easyJet is well-positioned in countries including Britain, Italy, Switzerland, Germany and France. Adding to their potential good fit, both also operate all-Airbus fleets.“EasyJet has always been a strategic target for Jozsef Varadi,” said a senior industry source of the Wizz CEO.
The rights issue is the second time the airline has tapped shareholders during the pandemic. It raised £419 million in June 2020. At that time, the group’s biggest shareholder, founder Stelios Haji-Ioannou, did not participate.
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