Apollo gatecrashes easyJet sale with £5.7bn takeover bid

Private equity firm Apollo has made an unexpected £5.7 billion takeover bid for easyJet, gatecrashing the airline's sale process. Meanwhile, oil prices dipped on Friday despite being on track for a 6% weekly gain, as the US confirmed it would continue diplomatic talks with Iran and the IEA forecast the first annual decline in oil demand since 2020. The UAE also raised oil output to a record level, signalling rapid supply normalisation.

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Oil prices have slipped today, but are still set to end the week 6% higher as investors grow uneasy about the situation in the Middle East.

Kathleen Brooks , of the broker XTB , says:

The oil price is falling due to two factors, firstly, news that the US will continue its technical talks with Iran, and confirmation that the US remains committed to finding a diplomatic solution to this crisis, and secondly, reports from the IEA that oil demand is set for its first annual decline since 2020. Global oil stocks also posted an increase in June, their first monthly increase since the war began earlier this year. The UAE also lifted oil production to a record, which suggests that oil supply is rapidly normalizing, and is unlikely to get impacted by the latest flare up in tensions.

News that oil demand will fall this year is interesting, as it is only having a mild impact on growth. The IMF lowered its 2026 global growth forecast to 3%, but growth is expected to bounce back in 2027 to 3.4%. The inflation outlook is less rosy, and the IMF raised its headline inflation forecast by 0.3% to 4.7% for this year, however, inflation is expected to moderate next year.

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Apollo gatecrashes easyJet sale with £5.7bn takeover bid

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