The founder of budget carrier easyJet says he has no intention of selling his stake in the Stansted airline.
Stelios Haji-Ioannou also played down rumours of Icelandair making a takeover bid.
The entrepreneur said he was not satisfied with easyJet's current performance, but added it was well placed to thrive if tough competition forced out Europe's other low-cost carriers.
Last year there was speculation Mr Haji-Ioannou, who owns 41 per cent of the low-cost airline along with his family, may sell down his stake after the Icelandic carrier bought ten per cent of the company.
"Although I'm not satisfied as to where it is now, I think I'm better off working with the board to improve shareholder value rather than going private and taking a lot of risk," he said.
In unison with warnings by rival Ryanair of a "bloodbath" for the industry this winter, Mr Haji-Ioannou said he expected a majority of Europe's low-cost carriers would cease trading, easing competition.
EasyJet, which competes with Ryanair on short-haul routes to Europe, has warned it faces a tough two years as cut-throat competition drives down fares and fuel prices soar.
He recently sold his stake in Stelmar Shipping, the Greek shipping company he founded which is being taken over by Overseas Shipholding Group.
Published Wednesday January 12, 2005
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