The management of Easy Jet feels so offended in its honor that it does not want to mention Wizz Air by name. A potential buyer recently contacted Easy Jet, the British company announced on Thursday, and offered an unattractive share swap. The offer was rejected without hesitation, and the matter was closed. It quickly became clear that it must have been the Hungarian low-cost airline that wanted to swallow its rival. Apart from the irony that here a low-cost airline is surprised to be bought up cheaply - the consternation is understandable. Before the Corona crisis, Easy Jet generated almost three times as much revenue as Wizz Air, and its fleet is still more than twice as large. But in the pandemic, Easy Jet posted the first annual loss in the company's history as travel appetite in Western Europe and its home market of the United Kingdom was choked off. To this day, the significant U.K. travel restrictions continue to weigh on the business. By contrast, upstart Wizz Air did well not only in Eastern Europe, but also on the stock market. Wizz Air shares have made up for the Corona hole and are trading almost 30% higher than at the beginning of 2020, while Easy Jet shares are almost 50% lower. With a market capitalization of £5.1 billion, the Hungarians now carry significantly more weight than the Brits at £3.2 billion. Wizz Air is looking to expand rapidly, much like industry leader Ryanair. Easy Jet first needs to gather itself and has now launched a capital increase of £1.2 billion. This should carry the airline through the rest of the crisis. But the road back is long, and the competition is not waiting for stragglers. For now, the formation of a new, major European airline is off. But as low as Easy Jet is flying, the carrier remains a target for consolidation. https://www.nzz.ch/wirtschaft/easy-jet-absage-an-wizz-air-schliesst-konsolidierung-nicht-aus-ld.1644739
