EasyJet announces 'shock' bid to snap up budget airline rival Monarch

EasyJet is reportedly making a surprise takeover bid for Monarch, it was reported Sunday. A takeover would signal a further upturn in ailing Monarch's fortunes after it came close to collapse in 2014, due in part to an "outdated business model" and stiff competition from rival budget airlines. Monarch – which was previously restructured by Swiss-Italian billionaire family and private equity firm Mantegazza – are now owned by Greybull Capital, the same family investment fund that is reportedly buying Tata Steel's Scunthorpe plant. Hefty cuts in costs and overheads saw Greybull turn Monarch from a E94m (US$139.5m) loss to a E40m profit in the year running up to October 2015. A major factor in the company's reversal of fortune has been attributed to a recent slump in fuel prices. <br/>