Jul 10, 2026 · 7 min

Apollo challenges Castlelake in surprise EasyJet bid

EasyJet Jumps, ArcelorMittal Gains, St James's Place Falls

The episode connects a contested airline takeover with analyst-driven gains in steel and a sharp setback for a major wealth manager.

3 key takeaways

1Apollo has emerged with a superior offer in the surprise takeover battle for EasyJet against Castlelake.
2JPMorgan upgrades helped lift ArcelorMittal and other European steel stocks.
3St. James's Place shares fell after a major advice firm exited its network.

Don't miss

Apollo’s superior offer turns the EasyJet story into a surprise takeover battle.

The brief

Caroline Hepker and James Woolcock open with Bloomberg reporter Chloe Melley, who maps the European market moves behind the day’s biggest stock stories.

EasyJet becomes the episode’s central tension as Apollo emerges with a superior bid over Castlelake, transforming a routine airline story into a takeover contest.

The discussion then shifts to steel, where JPMorgan upgrades support gains across the sector, including a stronger showing for ArcelorMittal.

St. James’s Place provides the counterpoint: its shares decline after a major advice firm exits, putting pressure on the wealth manager.

Taken together, the episode shows how bids, analyst calls and distribution changes can quickly reshape the market’s European leaderboard.

What was said on this episode

9 statements · 4 positive · 3 negative · 2 mixed

Chloe Melleyon Apollo's EasyJet offerPositive1:28
Apollo offered more per EasyJet share than Castle Lake.
“this offer is superior to the bid that we had from Castle Lake as 690 a share for Castle Lake versus 715 a share for Apollo”
Listen at 1:28
Chloe Melleyon EasyJet takeover battlePositive1:59
A bidding war for EasyJet may develop.
“We could see this bidding war for EasyJet starting to shape up”
Listen at 1:59
Chloe Melleyon EasyJetMixed2:03
EasyJet shares rose sharply but traded below both takeover offers.
“EasyJet shares did soar massively this morning, but they are still trading below both offers at this moment”
Listen at 2:03
Chloe Melleyon EU steel-import tariffsPositive3:17
Steel import tariffs could increase demand for European steel producers.
“they have the potential to really transfer to increasing demand for those European steel producers”
Listen at 3:17
Chloe Melleyon JP Morgan steel-stock upgradesPositive3:23
JP Morgan upgraded ArcelorMittal-related steel stocks from sell to buy.
“we've seen Verstappen and Solskita double upgraded from a, a sell rating all the way to a buy rating”
Listen at 3:23
Chloe Melleyon JP Morgan steel-sector expectationsMixed3:35
Upcoming earnings may confirm JP Morgan's steel-sector expectations.
“we'll have to see if the earnings that we get in a few weeks confirm those expectations from JP Morgan”
Listen at 3:35
Chloe Melleyon St. James's Place retention problemsNegative4:08
RBC viewed Sovereign Wealth's departure as evidence of retention problems at St. James's Place.
“RBC analysts said that this was a worrying development and pointing to retention problems at the firm”
Listen at 4:08
Chloe Melleyon St. James's PlaceNegative4:37
The advice firm's exit is unfavorable for St. James's Place.
“doesn't really bode well for St. James's Place”
Listen at 4:37
Chloe Melleyon St. James's Place sharesNegative4:39
St. James's Place shares weakened during the morning.
“we have seen quite a lot of weakness in the shares this morning”
Listen at 4:39

Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.

Featuring

CMChloe Melley

Mentioned

EEasyJet AGApollo Global Management, Inc.

Castle Lake

ArcelorMittal

St. James's Place

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