Heard on the Street: As U.S. airlines retrench, Europe’s easyJet is raising funds for expansion
As U.S. airlines retrench, Europe’s easyJet is raising funds for expansion. Its newfound aggression may say more about competition than the status of the post-pandemic recovery.
On Thursday, shares in the London-based carrier fell more than 10%, following news that it is planning a rights issue to raise about £1.2 billion , which is approximately a third of the company’s market value at the previous close. The airline probably doesn’t need extra help to repair its relatively robust balance sheet. Instead, it plans to funnel much of the new cash into strategic investments.
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