EasyJet shares dropped significantly following reports of an impending EU review of airline ownership rules. This review could impact the planned takeover of the UK low-cost airline by US asset manager Apollo, which had put forward a £5.7bn offer. The EU aims to "clarify" foreign ownership provisions to safeguard "strategic autonomy."

This development adds another layer to the ongoing takeover saga. EasyJet's board had recently endorsed Apollo's bid, which surpassed an earlier £5.5bn offer from Castlelake. The EU's regulations require airlines to be more than 50% owned by EU member states or nationals and controlled by Europeans to secure an operating license. These rules remain applicable to easyJet due to its Austrian subsidiary established post-Brexit.

An official stated the review is not directly tied to the Apollo bid but is part of a wider revision of EU air service regulations. Historically, airline takeovers in Europe have faced hurdles, as seen with IAG's abandoned bid for Air Europa. The head of Iata, Willie Walsh, emphasized the need for broad consultation with airlines regarding any rule changes.