Jul 13, 2017

Lombard: Far too British Airways

On Wednesday, Ryanair said it may have found its own solution, by having pension fund investors move their shares to EU entities - despite lawyers suggesting this is a grey area, as it is the ultimate owners that count. IAG currently uses trust structures to ensure correct national ownership of its British Airways and Iberia units. The EU is now focused on holding company ownership - and can force share sales, or loss of voting rights, to meet the 50 per cent EU quota. The longer forced share sales stay on the table, the greater the potential stock overhang. Why are shares in AIG, easyJet and Ryanair all up in the past month? Could it be that investors are hoping for a giant fudge?

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