Hostilities cease at easyJet

23rd Sep 2011 07:13

Peace has broken out at airline easyJet. It said this morning that easyGroup, the company owned by easyJet's founder Sir Stelios Haji-Ioannou, has withdrawn its request for an extraordinary general meeting. Sir Stelios, who has a 38% in easyJet, had been unhappy with the board of easyJet's plans on how to spend profits, but was placated yesterday by a dividend payout that will make him £72m richer. "The board of easyJet welcomes this withdrawal as it viewed an EGM as an unnecessary and costly distraction," easyJet said. "easyJet looks forward to engaging constructively with easyGroup as it does with its other shareholders."Sir Stelios founded easyJet in 1995. He later applied the "easy" brand to activities such as car rental and hotels. EasyCar, easyHotel and several other operations are part of easyGroup.