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Chris Bryant

Norwegian's Gutsy Pilot Won't Leave the Cockpit Quietly

An IAG bid for its budget rival could make sense.
Photographer: Chris Ratcliffe

With short-sellers targeting the stock, a balance sheet weighed down by vast liabilities and costs and competition increasing, a company's owners would normally be only too happy to get news of a possible takeover bid.

But Bjorn Kjos, the Norwegian Air Shuttle ASA boss who also controls about one quarter of its stock, isn't like most stakeholders. If IAG SA is serious about buying the cash-strapped budget airline, a proposition first reported by Bloomberg News, CEO Willy Walsh is going to need some real powers of persuasion.