European stock markets have opened broadly higher this morning – the UK’s blue chip FTSE 100 index is up 0.3%, led by a 11.7% rise in Vodafone after the news that the French billionaire Xavier Niel has bought a £4.4bn stake in the business.

The French Cac 40 is broadly flat, while the German Dax has slipped 0.07%. But the Stoxx Europe 600, which tracks the biggest companies across the whole continent, is up very slightly by 0.08%.

Apollo said that it believes easyJet has significant long-term growth potential and supports its existing strategy of strengthening its low-cost carrier model by upgrading its fleet to newer, more efficient planes. This is an expensive task for any airline, and easyJet’s ambitions could be sped up by access to new capital and the longer-term strategic planning that’s afforded to private companies.

Apollo’s offer is now the preferred option and the one that easyJet’s management would recommend to shareholders. But the deal’s not off the runway yet, with Apollo having until 7 August to decide whether to make a formal bid. In that time, rival bidder Castlelake could still come to the table with improved terms.”