For true Brits, air con is as foreign as a bidet
A quartet of news stories all point in the same troubling direction. First, easyJet is about to become the latest notable name to leave the London Stock Exchange, following last month’s takeover of Tate & Lyle by a US buyer. The FTSE 250-listed low-cost airline is keen to accept a £5.5 billion offer from Castlelake, a private equity firm that’s also – you’ve guessed it – from the US. Inherent volatility in the aviation business combined with the presence of founder Stelios Haji-Ioannou as a minority shareholder has made easyJet a turbulent long-haul flight for investors. The shares have rocketed since Castlelake came into the picture, so cashing out looks rational – but the predation of our public market by foreign bargain-hunters goes on and on.
