Grounded: Stobart calls off Flybe approach after failing to agree terms

Stobart Group has said it does not intend to make a bid for Flybe after failing to agree “satisfactory terms” with the regional airline. Last month shares in Flybe rocketed after Stobart said it was weighing a potential approach for the Exeter-based carrier. But yesterday Stobart announced that it is “not intending to make an offer for Flybe” after the airline’s board rejected the move. Stobart Group and Flybe already work together and have a franchise arrangement between the two groups’ airlines, that will continue.