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dutchflyboi
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easyJet rejects takeover bid from Wizz

Thu Sep 09, 2021 8:51 am

easyJet has reported that it has rejected a takeover bid from rival Wizz Air, according to Reuters.
Instead it plans to raise $1.7 billion from shareholders to strengthen its position in a European market struggling to recover from the COVID-19 pandemic, the British airline said on Thursday.

source: https://finance.yahoo.com/news/british- ... 59054.html
 
xwb777
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Re: easyJet rejects takeover bid from Wizz

Thu Sep 09, 2021 9:02 am

Wizz Air is day dreaming..
 
BrianDromey
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Re: easyJet rejects takeover bid from Wizz

Thu Sep 09, 2021 9:13 am

xwb777 wrote:
Wizz Air is day dreaming..


I imagine this would have been supported by indigo partners who own a significant share of Wizz (and Frontier, JetSmart, Volaris, etc). Wizz is less than half the size of easyJet, but the networks are pretty complementary, at least for now. easyJet compete predominantly with the EU3 between major airports, Wizz with Ryanair for secondary destinations and is stronger in Eastern Europe and the Balkans than either easyJet or Ryanair.

easyJet has corporate troubles of their own, such as Stelios who likes to get involved with aircraft orders and the fact that they don't own their own brand. Add in a low share price given the impact of COVID, but with significant future potential and it's hardly surprising that private equity would set their sights on easyJet. Using Wizz as the vehicle seems sensible.
 
A330Inter
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Re: easyJet rejects takeover bid from Wizz

Thu Sep 09, 2021 9:52 am

Good try from Wizz (or Indigo partners indeed).
In my view U2 and W6 have different business models and while U2 is not as competitive as W6 in terms of CASK I think they cover a market segment that has enough potential to survive on its own.
The combined network and synergies could be huge though....
 
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dutchflyboi
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Re: easyJet rejects takeover bid from Wizz

Thu Sep 09, 2021 10:36 am

A merger with Wizz would be very interesting. Although this bid was rejected, I see that mergers are coming in the post COVID 19 world.
 
Galwayman
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Re: easyJet rejects takeover bid from Wizz

Thu Sep 09, 2021 10:50 am

If not Wizz it’ll be FR or IAG one day , EasyJet’s low hanging fruit for the big boys these days.
 
VS11
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Re: easyJet rejects takeover bid from Wizz

Thu Sep 09, 2021 10:58 am

That’s quite the news. Consolidation in progress. Wizz must be feeling pretty bullish. Let’s see how this ends…
 
djpearman
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Re: easyJet rejects takeover bid from Wizz

Thu Sep 09, 2021 11:11 am

dutchflyboi wrote:
A merger with Wizz would be very interesting. Although this bid was rejected, I see that mergers are coming in the post COVID 19 world.


I very much agree that there will be a string of mergers in the next few years. Both 9/11 and the financial crisis resulted in a slew of airline mergers and acquisitions as well as groups being formed (IAG, AF-KLM, LH Group, LATAM). It'll be interesting to see what happens. LH CEO Spohr was recently quoted as stating that Europe has too many airlines. In Europe in particular, this effectively results in each airline carving out a monopoly in their niche, hurting proper competition and making each less competitive globally.
 
TexasAirCorp
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Re: easyJet rejects takeover bid from Wizz

Thu Sep 09, 2021 11:40 am

Is it just me who fears Wizz is becoming another Norwegian or People Express?
 
A330Inter
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Re: easyJet rejects takeover bid from Wizz

Thu Sep 09, 2021 12:00 pm

TexasAirCorp wrote:
Is it just me who fears Wizz is becoming another Norwegian or People Express?


No no not just you ;) They expand way too fast compared to what they can handle...
 
Galwayman
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Re: easyJet rejects takeover bid from Wizz

Thu Sep 09, 2021 12:08 pm

TexasAirCorp wrote:
Is it just me who fears Wizz is becoming another Norwegian or People Express?


Wizz is Indigo Partners essentially.

easyJet is another Norwegian or People Express more likely
 
skytony
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Re: easyJet rejects takeover bid from Wizz

Thu Sep 09, 2021 12:22 pm

I like the name Easy Wizz.
 
VS11
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Re: easyJet rejects takeover bid from Wizz

Thu Sep 09, 2021 12:24 pm

skytony wrote:
I like the name Easy Wizz.


Or WizzyJet :D
 
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eurotrader85
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Re: easyJet rejects takeover bid from Wizz

Thu Sep 09, 2021 12:31 pm

Another advantage for W6, on top of the slots at LTN and LGW, would have been crew. EZY has a lot on the sidelines waiting for capacity to ramp up while Wizz has typically expanded too quickly and seemingly can't crew its metal. Glad this was knocked back, W6 has 1 inch less legroom I believe and really don't need a further dumbing down of service from a LCC to a ULCC.

From an EZY perspective though it should be a wake-up call. What is Johan Ludgrens wider strategy for the airline? He's been there years and it just trundles on. Its peers are pouncing on weaker airlines, making, or trying to make acquisitions. Sure it has a very annoying shareholder who just wants dividends from the group for his personal needs but there seems little of the ambition the group had before Ludgren's day and that will only lead to another more ambitious group having a go for it in time.
 
chiad
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Re: easyJet rejects takeover bid from Wizz

Thu Sep 09, 2021 1:03 pm

In the meantime Wizz Air is in talks with Airbus for a deal to involve at least 100 aircraft.
https://www.reuters.com/business/aerosp ... 021-09-09/
 
BealineV953
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Re: easyJet rejects takeover bid from Wizz

Thu Sep 09, 2021 1:49 pm

BrianDromey wrote:
xwb777 wrote:
Wizz Air is day dreaming..


easyJet has corporate troubles of their own, such as Stelios who likes to get involved with aircraft orders and the fact that they don't own their own brand. Add in a low share price given the impact of COVID, but with significant future potential and it's hardly surprising that private equity would set their sights on easyJet.


Hello. To be fair to Stelios, his issue with the large aircraft order wasn't with the order per se, it was around the significant rate of growth that it would drive. His concern was that easyJet would grow too quickly, a risk that as other posters have suggested, a number of other airlines have taken to their cost.
 
greg85
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Re: easyJet rejects takeover bid from Wizz

Thu Sep 09, 2021 2:07 pm

eurotrader85 wrote:
Another advantage for W6, on top of the slots at LTN and LGW, would have been crew. EZY has a lot on the sidelines waiting for capacity to ramp up while Wizz has typically expanded too quickly and seemingly can't crew its metal. Glad this was knocked back, W6 has 1 inch less legroom I believe and really don't need a further dumbing down of service from a LCC to a ULCC.

From an EZY perspective though it should be a wake-up call. What is Johan Ludgrens wider strategy for the airline? He's been there years and it just trundles on. Its peers are pouncing on weaker airlines, making, or trying to make acquisitions. Sure it has a very annoying shareholder who just wants dividends from the group for his personal needs but there seems little of the ambition the group had before Ludgren's day and that will only lead to another more ambitious group having a go for it in time.


Johan Lundgren, Peter Bellew, and half the board need to go. Unfortunately the new chairman isn’t exactly an airline expert either.

But this situation has largely been caused by the U.K. government(s). Recovery has been slower in the U.K. due to restrictions and testing requirements. This disproportionately effects the easyJet, the UK’s largest airline.
 
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GCT64
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Re: easyJet rejects takeover bid from Wizz

Thu Sep 09, 2021 2:07 pm

Just checked some market caps:

Ryanair $24.0Bn
IAG $10.3Bn
LH $5.7Bn
Wizz $4.6Bn
Easyjet $4.5Bn
AFKL $2.9Bn

After noting that it's clear who the "big man on the block" is, it doesn't feel to me that Easy is in too weak a position - but I guess the question, as commented on above, is whether investors believe in the management and strategy or would sell out to an aggressive suitor
 
F27500
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Re: easyJet rejects takeover bid from Wizz

Thu Sep 09, 2021 2:24 pm

I still can't get over that ridiculous, undignified, almost vulgar sounding name "Wizz Air" .. come on.
 
TUGMASTER
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Re: easyJet rejects takeover bid from Wizz

Thu Sep 09, 2021 2:37 pm

Galwayman wrote:
If not Wizz it’ll be FR or IAG one day , EasyJet’s low hanging fruit for the big boys these days.


Very much so,,, and what with IAG/BA looking to start up a new LCC at LGW…. Who knows.

Saying that, I thought U2’s cost were above BA’s at LGW…
 
f4f3a
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Re: easyJet rejects takeover bid from Wizz

Thu Sep 09, 2021 2:55 pm

I thought indigo partners sold most of their stake in wizz. They only own 8% now .while synergy might be good the brand a product are a little different . Especially with easy having invested in its own holiday brand .I don't think institutional investors at easy would have sold out for this low offer. Especially
Stelios. It's still his biggest brand and success. Would he sell the brand name to? If he didn't it could get very confusing as he could start a new airline using the brand
 
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william
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Re: easyJet rejects takeover bid from Wizz

Thu Sep 09, 2021 3:27 pm

VS11 wrote:
That’s quite the news. Consolidation in progress. Wizz must be feeling pretty bullish. Let’s see how this ends…


Is it? Progress for who? Management? Employees? Customers?
 
MUCFan
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Re: easyJet rejects takeover bid from Wizz

Thu Sep 09, 2021 3:28 pm

F27500 wrote:
I still can't get over that ridiculous, undignified, almost vulgar sounding name "Wizz Air" .. come on.


Maybe only for English speaking natives...
 
seansasLCY
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Re: easyJet rejects takeover bid from Wizz

Thu Sep 09, 2021 3:51 pm

william wrote:
VS11 wrote:
That’s quite the news. Consolidation in progress. Wizz must be feeling pretty bullish. Let’s see how this ends…


Is it? Progress for who? Management? Employees? Customers?


I think you’ve misunderstood. He wrote “in progress” not “is progress”. As in its starting.
 
Someone83
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Re: easyJet rejects takeover bid from Wizz

Thu Sep 09, 2021 3:55 pm

Galwayman wrote:
TexasAirCorp wrote:
Is it just me who fears Wizz is becoming another Norwegian or People Express?


Wizz is Indigo Partners essentially.


Was, as they have sold most of their shares in Wizz
 
oschkosch
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Re: easyJet rejects takeover bid from Wizz

Thu Sep 09, 2021 4:11 pm

Someone83 wrote:
Galwayman wrote:
TexasAirCorp wrote:
Is it just me who fears Wizz is becoming another Norwegian or People Express?


Wizz is Indigo Partners essentially.


Was, as they have sold most of their shares in Wizz



Nope, they had 17,5% of the shares before the sale, and now still have around 9%.
 
Galwayman
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Re: easyJet rejects takeover bid from Wizz

Thu Sep 09, 2021 5:11 pm

BealineV953 wrote:
BrianDromey wrote:
xwb777 wrote:
Wizz Air is day dreaming..


easyJet has corporate troubles of their own, such as Stelios who likes to get involved with aircraft orders and the fact that they don't own their own brand. Add in a low share price given the impact of COVID, but with significant future potential and it's hardly surprising that private equity would set their sights on easyJet.


Hello. To be fair to Stelios, his issue with the large aircraft order wasn't with the order per se, it was around the significant rate of growth that it would drive. His concern was that easyJet would grow too quickly, a risk that as other posters have suggested, a number of other airlines have taken to their cost.


That’s the problem really - way too cautious, very little strategy and Helios holding them back from the sidelines .
 
Galwayman
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Re: easyJet rejects takeover bid from Wizz

Thu Sep 09, 2021 5:17 pm

F27500 wrote:
I still can't get over that ridiculous, undignified, almost vulgar sounding name "Wizz Air" .. come on.



Hmmm for most English speaking Europeans it doesn’t have any vulgar meaning ….. and on a continent with 50 plus living languages it’s universally easy to pronounce . More so than Vueling …

Maybe it’s rude but in Texas or something but it’s not going fly there…
 
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VS4ever
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Re: easyJet rejects takeover bid from Wizz

Thu Sep 09, 2021 5:29 pm

first salvo fired. If Indigo/Wizz are serious, they will be back.. this won't be the last offer made.
 
jbs2886
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Re: easyJet rejects takeover bid from Wizz

Thu Sep 09, 2021 5:38 pm

BrianDromey wrote:
xwb777 wrote:
Wizz Air is day dreaming..


I imagine this would have been supported by indigo partners who own a significant share of Wizz (and Frontier, JetSmart, Volaris, etc). Wizz is less than half the size of easyJet, but the networks are pretty complementary, at least for now. easyJet compete predominantly with the EU3 between major airports, Wizz with Ryanair for secondary destinations and is stronger in Eastern Europe and the Balkans than either easyJet or Ryanair.

easyJet has corporate troubles of their own, such as Stelios who likes to get involved with aircraft orders and the fact that they don't own their own brand. Add in a low share price given the impact of COVID, but with significant future potential and it's hardly surprising that private equity would set their sights on easyJet. Using Wizz as the vehicle seems sensible.


Agree EasyJet really is a prime target for private equity. It's planning low to negative growth, contrasting sharply with its competitors. I think its finances aren't as strong as its LCC competitors either. But, I'd be surprised if Indigo/Wizz gets approval to buy EasyJet for competitive reasons (definitely could be wrong there though because, as you note, the networks are complementary although I anticipate EasyJet's network is where Wizz's massive growth will be anyways).
 
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william
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Re: easyJet rejects takeover bid from Wizz

Thu Sep 09, 2021 6:51 pm

The EU generally has less mergers than in the United States. How would the EU look at this proposed merger?

Always wandered why a Flag carrier would not be interested. But looking at Easyjet's route map, not sure how it would benefit a BA,AF, KLM or Luf. Their employee work rules alone would make running EasyJet profitably a challenge.
 
seansasLCY
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Re: easyJet rejects takeover bid from Wizz

Thu Sep 09, 2021 6:58 pm

william wrote:
The EU generally has less mergers than in the United States. How would the EU look at this proposed merger?

Always wandered why a Flag carrier would not be interested. But looking at Easyjet's route map, not sure how it would benefit a BA,AF, KLM or Luf. Their employee work rules alone would make running EasyJet profitably a challenge.


Not sure there are less mergers. Plenty of mergers and acquisitions. The EU competition authorities are experienced in dealing with it. They usually look at if there would be a negative impact on competition. There is some but not lots of overlap between the networks. They would likely have to give up slots at Luton and perhaps some of their other airports to allow competition in.
 
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lightsaber
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Re: easyJet rejects takeover bid from Wizz

Thu Sep 09, 2021 7:11 pm

chiad wrote:
In the meantime Wizz Air is in talks with Airbus for a deal to involve at least 100 aircraft.
https://www.reuters.com/business/aerosp ... 021-09-09/


I suspect that order wouldn't move forward if they had bought EasyJet. It seems like a long term project per this thread:

viewtopic.php?f=3&t=1464631

VS11 wrote:
skytony wrote:
I like the name Easy Wizz.


Or WizzyJet :D

:rotfl:

Seriously, two brands of engines, I wonder which would have been kept?

Lightsaber
 
oldJoe
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Re: easyJet rejects takeover bid from Wizz

Thu Sep 09, 2021 8:19 pm

lightsaber wrote:
chiad wrote:
In the meantime Wizz Air is in talks with Airbus for a deal to involve at least 100 aircraft.
https://www.reuters.com/business/aerosp ... 021-09-09/


I suspect that order wouldn't move forward if they had bought EasyJet. It seems like a long term project per this thread:

viewtopic.php?f=3&t=1464631

VS11 wrote:
skytony wrote:
I like the name Easy Wizz.


Or WizzyJet :D

:rotfl:

Seriously, two brands of engines, I wonder which would have been kept?

Lightsaber


Could be both : Easy Wizzy Jet
 
holczakker
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Re: easyJet rejects takeover bid from Wizz

Thu Sep 09, 2021 8:37 pm

VS4ever wrote:
first salvo fired. If Indigo/Wizz are serious, they will be back.. this won't be the last offer made.

If Indigo were interested they'd go all in directly and would not use a third party (Wizz) in which they have very little stake left.
 
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FiscAutTecGarte
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Re: easyJet rejects takeover bid from Wizz

Thu Sep 09, 2021 8:53 pm

skytony wrote:
I like the name Easy Wizz.


Like when you're on a long road trip and you finally come upon a restroom.... That moment of relief... The Easy Wizz....

Interesting as Wizz Air is in talks for an additional 100+ NEOs.. EasyJet itself still has near 100 NEOs to be delivered.

Amazing as EasyJet is larger than Wizz.
 
MIflyer12
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Re: easyJet rejects takeover bid from Wizz

Thu Sep 09, 2021 10:17 pm

holczakker wrote:
VS4ever wrote:
first salvo fired. If Indigo/Wizz are serious, they will be back.. this won't be the last offer made.

If Indigo were interested they'd go all in directly and would not use a third party (Wizz) in which they have very little stake left.


Why? Wouldn't you expect them to integrate with Wizz rather than keeping easyJet a stand-alone operation? Efficiencies.
 
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VS4ever
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Re: easyJet rejects takeover bid from Wizz

Thu Sep 09, 2021 10:34 pm

MIflyer12 wrote:
holczakker wrote:
VS4ever wrote:
first salvo fired. If Indigo/Wizz are serious, they will be back.. this won't be the last offer made.

If Indigo were interested they'd go all in directly and would not use a third party (Wizz) in which they have very little stake left.


Why? Wouldn't you expect them to integrate with Wizz rather than keeping easyJet a stand-alone operation? Efficiencies.


Agreed. Takeovers are designed for synergies (unless you are IAG of course) so Indigo would almost certainly pick one brand or the other, run with it, chop out the duplicate cost of operations and move on. If there weren’t interested, they wouldn’t have even tried. More to come here for sure
 
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aemoreira1981
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Re: easyJet rejects takeover bid from Wizz

Fri Sep 10, 2021 2:02 am

VS4ever wrote:
first salvo fired. If Indigo/Wizz are serious, they will be back.. this won't be the last offer made.


IAG kept pursuing EI and they succeeded on the third try. There isn’t too much overlap in networks…Wizz serves mostly Eastern Europe and the Gulf while EasyJet serves Western Europe primarily.
 
Blerg
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Re: easyJet rejects takeover bid from Wizz

Fri Sep 10, 2021 7:05 am

I wouldn't be surprised if they did it for free publicity especially in western European markets where Wizz Air is weak.
 
holczakker
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Re: easyJet rejects takeover bid from Wizz

Fri Sep 10, 2021 7:23 am

MIflyer12 wrote:
holczakker wrote:
VS4ever wrote:
first salvo fired. If Indigo/Wizz are serious, they will be back.. this won't be the last offer made.

If Indigo were interested they'd go all in directly and would not use a third party (Wizz) in which they have very little stake left.


Why? Wouldn't you expect them to integrate with Wizz rather than keeping easyJet a stand-alone operation? Efficiencies.

But then why on earth did they get rid of their shares in Wizz?
 
MUCFan
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Re: easyJet rejects takeover bid from Wizz

Fri Sep 10, 2021 7:46 am

holczakker wrote:
MIflyer12 wrote:
holczakker wrote:
If Indigo were interested they'd go all in directly and would not use a third party (Wizz) in which they have very little stake left.


Why? Wouldn't you expect them to integrate with Wizz rather than keeping easyJet a stand-alone operation? Efficiencies.

But then why on earth did they get rid of their shares in Wizz?


They still own more than 7 percent.
 
A330Inter
Posts: 165
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Re: easyJet rejects takeover bid from Wizz

Fri Sep 10, 2021 8:07 am

holczakker wrote:
MIflyer12 wrote:
holczakker wrote:
If Indigo were interested they'd go all in directly and would not use a third party (Wizz) in which they have very little stake left.


Why? Wouldn't you expect them to integrate with Wizz rather than keeping easyJet a stand-alone operation? Efficiencies.

But then why on earth did they get rid of their shares in Wizz?


To raise some cash and manage their recurring expenses? (I think they divested their shares during the pandemic and would assume they felt some cash flow pressure like everyone else for that period)
 
holczakker
Posts: 213
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Re: easyJet rejects takeover bid from Wizz

Fri Sep 10, 2021 9:23 am

MUCFan wrote:
They still own more than 7 percent.

Which is not enough to control such a strategic business venture like this (would be).
 
by738
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Re: easyJet rejects takeover bid from Wizz

Fri Sep 10, 2021 9:49 am

i don't see EZY being taken over by anyone in the near /mid future
 
peterinlisbon
Posts: 1963
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Re: easyJet rejects takeover bid from Wizz

Fri Sep 10, 2021 10:07 am

That's a shame. I would have liked to see EasyWizzJet. Purple and orange fuselages would look quite nice.
 
Galwayman
Posts: 1043
Joined: Fri Mar 10, 2017 10:20 am

Re: easyJet rejects takeover bid from Wizz

Fri Sep 10, 2021 10:27 am

The market clearly smells blood. If not Wizz someone else ….

https://www.theguardian.com/business/ni ... SApp_Other
 
Galwayman
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Re: easyJet rejects takeover bid from Wizz

Fri Sep 10, 2021 10:42 am

GCT64 wrote:
Just checked some market caps:

Ryanair $24.0Bn
IAG $10.3Bn
LH $5.7Bn
Wizz $4.6Bn
Easyjet $4.5Bn
AFKL $2.9Bn

After noting that it's clear who the "big man on the block" is, it doesn't feel to me that Easy is in too weak a position - but I guess the question, as commented on above, is whether investors believe in the management and strategy or would sell out to an aggressive suitor



Really interesting numbers- FR is almost as big as all the others combined . Very useful context .

It’s definitely about belief in the Management vision and effectiveness . Even the shareholders are not impressed by the EasyJet leadership and strategy. And clearly EasyJet cc staffing has become uncompetitive and inflexible - something Wizz can correct easily within the first six months
 
holczakker
Posts: 213
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Re: easyJet rejects takeover bid from Wizz

Fri Sep 10, 2021 11:37 am

Galwayman wrote:
And clearly EasyJet cc staffing has become uncompetitive and inflexible - something Wizz can correct easily within the first six months

Wizz as in the company which had to cancel dozens of flights daily in the July peak summer season, had to wet-lease 5+ aircraft while 70 of its own frames were still grounded (both for lack of crew after sacking 1000 of them last year) and where the managers responsible for crew planning resigned/were fired? The jury is still out whether they can fix their own crewing issues let alone someone else's. But hey, at least they did all this under the new bosses arrived from Easyjet.
 
Galwayman
Posts: 1043
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Re: easyJet rejects takeover bid from Wizz

Fri Sep 10, 2021 11:50 am

holczakker wrote:
Galwayman wrote:
And clearly EasyJet cc staffing has become uncompetitive and inflexible - something Wizz can correct easily within the first six months

Wizz as in the company which had to cancel dozens of flights daily in the July peak summer season, had to wet-lease 5+ aircraft while 70 of its own frames were still grounded (both for lack of crew after sacking 1000 of them last year) and where the managers responsible for crew planning resigned/were fired? The jury is still out whether they can fix their own crewing issues let alone someone else's. But hey, at least they did all this under the new bosses arrived from Easyjet.


Short term operational issues at Wizz are nothing compared to the structural issues at EasyJet …

https://www.blackenterprise.com/easyjet ... light/amp/

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