EasyJet Shareholders Clear £5.7B Apollo Takeover as Unilever Deal Faces Scrutiny

LONDON, Nov 11 (OPA) — EasyJet shareholders backed a 715p-a-share offer from investment group Apollo, with 97.07 per cent voting in favour of the deal. The Luton-based carrier is set to leave the London Stock Exchange by the end of March after more than 26 years, marking another high-profile departure from the City. Chief executive Kenton Jarvis stated that the transaction is expected to close in the first quarter of 2027, subject to regulatory approvals. Jarvis added that Apollo fully supports the airline's existing strategy to modernise its fleet and expand its low-cost operations.

Apollo secured the agreement following a competitive bidding war with US investment firm Castlelake, which had previously submitted a £5.5 billion proposal before withdrawing in August. Jarvis defended the acquisition at the Airlines 2026 event in Westminster, asserting that the injection of private capital will benefit passengers and accelerate fleet renewal. The airline plans to introduce Airbus A320 and A321neo aircraft to replace older models, such as its fleet of 80 A319s, thereby reducing carbon emissions and operational costs.

In a separate corporate development, Unilever's near-£50 billion plan to merge its food business with McCormick has hit a regulatory hurdle. The Competition and Markets Authority (CMA) warned that the tie-up is expected to result in a substantial lessening of competition in the UK market for dry ingredient and sauce mixes. Unilever and McCormick have been given until next Wednesday to submit remedies to address the regulator's concerns, or face a referral for a comprehensive investigation.

To pre-empt regulatory pushback, Unilever previously put its Colman's mustard brand up for sale in August. The CMA noted that while it examined mustard supplies, consumers generally differentiate between English, French, and American styles. Unilever CEO Fernando Fernandez faces this major test following his appointment in March 2025, as large consumer goods companies grapple with shifting consumer spending habits and the rising popularity of weight-loss drugs.