EasyJet shares rallied 6.7% to 576 pence after Castlelake revived its takeover approach with a 650 pence-a-share proposal. The investment firm seeks limited access to company information to refine its bid and address execution concerns, according to RBC Capital Markets analyst Ruairi Cullinane. The renewed interest highlights EasyJet's underlying value despite trading below historical levels.

Cullinane notes the airline owns valuable assets including aircraft orders, prime airport slots, and a growing holidays division that weren't fully reflected in its valuation. While earnings may remain subdued in fiscal 2026, recovery could emerge from initiatives targeting winter losses, aircraft capacity expansion, and holiday business growth.

European energy stocks opened lower as oil prices retreated to prewar levels. Brent crude fell 1.1% to $73.10 a barrel, with WTI futures down 0.9% to $69.70. Goldman Sachs analysts say markets are pricing in future surpluses as Gulf exports rebound to 63% of normal levels.

BP dropped 0.8% and Shell slipped 0.5% in London trading, while Eni fell 1% in Milan and Total Energies declined 0.7% in Paris. Resuming tanker traffic through the Strait of Hormuz signals improving supply flows from the Persian Gulf.

EasyJet's valuation discount suggests the market hasn't fully priced in its recovery potential, making the takeover bid particularly significant for shareholders.