Easyjet: LBO: high yield

It’s not easy taking airlines private. But that’s the challenge facing FL Group, the Icelandic holding com-pany that’s stalking Easyjet. FL may not be a buyout firm, but were it to bid for the UK low-cost carrier, it would have to behave like one. Easyjet might cost £2bn-plus - which is more than twice FL’s £1bn market value. The Icelanders would have to borrow heaps of cash to snaffle it up. FL seems to be thinking along these lines itself. When it raised £400m of equity recently, it promised...