BUSINESS LIVE: NEX-Stagecoach deal on hold; Wizz Air’s £179m Q3 loss

BUSINESS LIVE: National Express and Stagecoach tie-up on hold; Wizz Air plummets to £179m loss; Musk to scoop £26bn Tesla shares windfall

The proposed merger between National Express and Stagecoach is on hold after an intervention by Britain’s competition watchdog.

The Competition and Markets Authority confirmed on Wednesday it had served an initial enforcement order, preventing either firm from disposing of material UK assets while it is in the process of reviewing the merger.

Wizz Air posted a third-quarter operating loss of €213.6million (£179million) and the Hungary-based airline warned its fourth quarter loss was likely to be slightly higher than that, before an expected improvement in spring.

The company said the emergence of the Omicron variant had hit demand in the later part of the third quarter, and it expected to be impacted by ongoing travel uncertainty in January, February and part of March.

Elon Musk is in line to receive £26billion in Tesla share awards this year despite the electric car maker’s stock tumbling.

The world’s richest man is set to secure five tranches of shares worth around £5.2billion each in the coming months, according to analysts.

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Wizz Air plans to operate 50% more capacity in August and September than in the summer of 2019 before the pandemic