International aviation group

bought a stake in Norwegian Air Shuttle ASA and said it’s considering making a full offer for the discount competitor, signaling a new round of dealmaking in a rapidly consolidating European airline market.

Shares of Norwegian Air soared as much as a record 47 percent on Thursday. A potential acquisition could value the company, which has a market value of more than $1 billion, at about $3 billion including debt, people with knowledge of the matter said, asking not to be identified because the deliberations are confidential.

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