IAG has drawn a hard regulatory line around any move for easyJet, saying EU competition rules make a bid very difficult. The warning lands as takeover interest around the UK low-cost carrier widens, with any buyer likely to need a European partner to satisfy ownership and control rules while also clearing antitrust scrutiny over routes and overlap.
The message narrows the field for consolidation and pushes any transaction toward a consortium or a structure that avoids direct competition clashes. Castlelake’s decision window keeps the process live, but Brussels remains the real gatekeeper.