THE Viking invasion of the UK gathered momentum last night when Icelandair confirmed that it had spent about £50 million building an 8.4 per cent stake in easyJet.

Moreover, the Reykjavik-based airline, said it may buy more easyJet shares in the short term, but it remained unclear last night whether it harboured takeover intentions. Rumours of a takeover attempt pushed easyJet’s shares 16 per cent higher, to 152p.

Hannes Smárason, Icelandair’s chairman, said it regarded the easyJet stake as a long-term investment.

He said: “We think that the company has a bright future.”

His enthusiasm for UK assets is mirrored by many of his compatriots. Only last week, Air Atlanta, Icelandair’s domestic rival, moved to complete the £100 million takeover of Excel Airways, the UK charter carrier; and Numis Securities, the stockbroker, rejected a £146 million bid from Landsbanki, Iceland’s second-largest bank. Baugur, the Icelandic retailer that owns the Hamleys toy store and Oasis fashion chains, continues to consider a £378 million bid for Big Food Group (BFG).

Earlier this year, Baugur paid £120 million for Karen Millen and Whistles. It owns Goldsmiths Group, the jeweller, and stakes in BFG, House of Fraser and Somerfield.

Bakkavor Group, the listed food business, has been buying shares in Geest, taking its stake above 20 per cent but dismissing bid rumours. One of Iceland’s biggest companies, Actavis, a generic drug maker, hopes to join the FTSE 100 next year.

Several of the Icelandic raiders have bought their stakes through Teather & Greenwood, the stockbroker also responsible for Icelandair’s easyJet purchases.

Last night, easyJet said in a statement: “Prior to this afternoon, easyJet and Icelandair have had no contact on this or any other issue.”