Continued from page 48


substantially restore their flying. The Iata figures show the


Gulf carriers’ recovery remained limited in April and only 12 percentage points better than in March when for a time the airlines were wholly shutdown. European carriers recorded a


0.9% rise in international traffic in April, ahead of a 0.4% increase in capacity. However, growth has stalled. Looking to May, Iata noted: “The May recovery anticipated in our March analysis has not materialised.” The strong growth in direct


routes to Asia in March, spurred by the Middle East shutdown, has also moderated. Iata reported “strong double-digit growth” of 15% year on year in Europe-Asia traffic, but this was down from 29% in March. The association now expects


just 0.2% capacity growth year on year in June, with director general Willie Walsh noting: “Forward schedule data is showing a reduced offering in the coming months, indicating airlines are balancing high fuel costs and weaker demand.” The economic outlook


appears similarly pallid. Deloitte UK’s new chief economist, Debapratim De, noted the war’s full impact on inflation “is yet to be felt” and warned: “Inflation will rise as UK consumers are gradually exposed to the effects of [the] energy shock.” Yet the impact of this


energy shock should be different from that of 2022, De suggested, because “underlying momentum remains weak [and] consumer confidence and demand remain subdued”. In other words, things are not great but they could be worse.


EasyJet says a potential US bid is ‘opportunistic’


Ian Taylor


EasyJet described a potential takeover bid by US investment fund Castlelake as “highly opportunistic” in a statement issued on Monday. The proposed bid, announced by


Castlelake last Friday, triggered a rise in easyJet’s share price as investors anticipate a possible windfall. But a full US takeover appears doubtful, not least as UK airlines remain subject to EU rules limiting non-EU ownership of Europe-based carriers. Castlelake stated it was in “the


early stages of considering a possible offer” for easyJet, but said: “No approach has been made to the board of easyJet [and] there can be no certainty that any offer will be made.” EasyJet is listed on the London


Stock Exchange and its rules mean Castlelake has until June 26 to confirm a “firm intention to bid” or it must withdraw. The US fund currently holds a stake of just over 2% in easyJet. Analysts suggested the general


Corporate travel experts oppose US social media probe


US proposals to require overseas visitors to disclose their social media activity going back five years threatens a sharp decline in corporate travel. That is according to a survey


of almost 200 corporate travel professionals which found just 2.5% thought the US should have access to this information


46 4 JUNE 2026


Kenton Jarvis


fall in airlines’ share prices due to the crisis in the Gulf and resulting hike in jet fuel prices made this an opportune time to launch a takeover. EasyJet chief executive Kenton


Jarvis noted back in March: “The share price has moved against all airlines since the start of the conflict in the Middle East [and] we expect the markets to see an opportunity.” The airline’s share price has


fallen by almost a third in the past 12 months, lowering its share valuation to about £3 billion. Castlelake previously took a


stake in Scandinavian carrier SAS


and 85% opposed. Two in five (41%) said corporates would send fewer travellers to the US if the proposal became law. The Customs and Border


Protection division of the Trump administration has proposed that ESTA (Electronic System for Travel Authorization) applicants – who include UK passport holders – be required to provide their social media history for the past five years, along with phone numbers for the last five years, email addresses for the last 10 years and IP addresses. The survey of 192 business


travel professionals – 60% of them


as a prelude to selling this on to Air France-KLM, suggesting it may have a similar strategy in mind – believing an easyJet takeover would be of interest to another major carrier. The fund also made a substantial loan to Virgin Atlantic in January last year. In its statement, the easyJet


board said it “will consider any proposal, should one be made”, but it had “not had any discussions with, nor received any approach from, Castlelake”, adding: “In any assessment, the board will be especially mindful of its valuation and deliverability.” The board also noted “the


highly opportunistic timing when easyJet’s share price is temporarily depressed [and] the considerable regulatory, financial and other execution challenges associated with a potential takeover”. It stated: “EasyJet is in a


position of strength, underpinned by an investment-grade balance sheet with a net cash position.”


US plan ‘would result in fewer business travel arrivals’


corporate travel buyers, managers or bookers and 73% of them from the UK or Europe – was carried out in April for the Business Travel Show Europe, which takes place on June 24-25 at Excel, London.


travelweekly.co.uk


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