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Virgin and Stobart to unveil Flybe takeover

By Mark Kleinman, City editor
Flybe, the regional airline, is close to being taken over by a consortium led by Virgin Atlantic in a cut-price deal that will underscore the aviation sector's huge financial challenges.
Sky News has learnt that Virgin Atlantic has agreed to join forces with Flybe's other suitor, Stobart Group, to form a new company that will also comprise the Stobart Air franchise operation.
An offer for Flybe worth significantly less than the company's closing share price on Thursday of 16.38p will be announced to the London Stock Exchange on Friday, according to sources close to the deal.
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