Hedge fund Odey sells stake in Ryanair, IAG – Mail on Sunday

Aug 8 (Reuters) – UK hedge fund Odey Asset Management has sold its stakes in airlines Ryanair Holdings Plc (RYA.I) and International Consolidated Airlines Group SA (ICAG.L), the Mail on Sunday reported.

Hedge fund manager James Hanbury has sold his stake in IAG, which owns British Airways, the Mail on Sunday reported, citing a presentation seen by the newspaper.

The recent development comes after the hedge fund took a short position in the movie chain AMC Entertainment (AMC.N), according to a Financial Times article.

Airlines, cinemas and other hotel chains have been hit particularly hard by the COVID-19 pandemic, with the rapidly spreading Delta variant further disrupting the industry.

Britain has doubly vaccinated a higher proportion of its population against COVID-19 than most other countries, but the government has blocked travel to many destinations by imposing rules that the travel industry says hinder the economy.

Odey, IAG and Ryanair were not immediately available for Reuters’ request for comment on Saturday evening.

Reporting by Aakriti Bhalla in Bengaluru; Editing by David Gregorio

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