Daily Sabah logo

Politics
Diplomacy Legislation War On Terror EU Affairs Elections News Analysis
TÜRKİYE
Istanbul Education Investigations Minorities Expat Corner Diaspora
World
Mid-East Europe Americas Asia Pacific Africa Syrian Crisis Islamophobia
Business
Automotive Economy Energy Finance Tourism Tech Defense Transportation News Analysis
Lifestyle
Health Environment Travel Food Fashion Science Religion History Feature Expat Corner
Arts
Cinema Music Events Portrait Reviews Performing Arts
Sports
Football Basketball Motorsports Tennis
Opinion
Columns Op-Ed Reader's Corner Editorial
PHOTO GALLERY
JOBS ABOUT US RSS PRIVACY CONTACT US
© Turkuvaz Haberleşme ve Yayıncılık 2023

Daily Sabah logo

عربي
  • Politics
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • Elections
    • News Analysis
  • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Expat Corner
    • Diaspora
  • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • Islamophobia
  • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
  • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
  • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Reviews
    • Performing Arts
  • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
  • Gallery
  • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
  • TV

Ryanair to sell Aer Lingus stake to IAG

by Associated Press

DUBLIN Jul 10, 2015 - 12:00 am GMT+3
Ryanair confirmed that it will shift its Copenhagen staffing to Lithuania next week in response to planned industrial action by Danish trade unions over working conditions
Ryanair confirmed that it will shift its Copenhagen staffing to Lithuania next week in response to planned industrial action by Danish trade unions over working conditions
by Associated Press Jul 10, 2015 12:00 am

Ireland's low-cost carrier Ryanair accepted International Airlines Group's bid for its near 30 percent stake in Irish rival Aer Lingus, clearing the way for a takeover

Ryanair has agreed to sell its shares in Irish rival Aer Lingus to IAG, putting the British Airways parent solidly on course to acquire the former Irish national airline. Ryanair Chief Executive Michael O'Leary said Friday that the budget airline's board has voted unanimously to sell its nearly 30 percent stake in Aer Lingus, formally ending Ryanair's own nine-year effort to seize its Dublin-based competitor. British and European competition authorities had repeatedly blocked Ryanair's effort and ordered Ryanair to divest itself, but O'Leary still was fighting those rulings in various courts.

O'Leary called the IAG offer "a reasonable one in the current market" that would allow Ryanair, Europe's fastest-growing airline, to record "a small profit."

International Airlines Group unveiled its 1.3 billion euro ($1.45 billion) takeover bid for Aer Lingus in January. The bid now has won acceptance from all three key investors: top shareholder Ryanair; Aer Lingus' own board; and the Irish government, which retained a 25 percent stake when it privatized the airline in 2006.

IAG, which also owns Spain's Iberia airline, had made its takeover bid conditional on acceptance by Ryanair. It offered no immediate reaction to Ryanair's decision.

Grass-roots shareholders are expected to back the offer at a Dublin extraordinary general meeting Thursday. The deal still requires approval by European Union competition regulators.

IAG is set to gain European Union antitrust approval for bid for Irish carrier Aer Lingus after improving concessions to ease competition worries, a person familiar with the matter said on Friday. "The concessions include giving up some airport slots in London and special prorate agreements with rivals," the source said.

IAG already has agreed to a package of concessions to Irish interests to win support from the government. These include giving the government an indefinite right to veto the sale of Aer Lingus' strategic landing slots at London's Heathrow Airport and a guarantee that those slots will be used to operate Irish routes for at least the next seven years.

Aer Lingus owns the fourth-most slots at Heathrow, Europe's busiest hub. Industry analysts have estimated their value alone at 450 million euros ($500 million).

IAG also has pledged to increase trans-Atlantic traffic operating from Ireland, boosting tourism and business opportunities for the island nation, which is heavily dependent on air links. IAG chief executive Willie Walsh, a Dubliner, previously held the same position at Aer Lingus.
  • shortlink copied
  • Last Update: Jul 10, 2015 7:47 pm
    RELATED TOPICS
    fight-against-terrorism DEUTSCHE-BANK US-LIBYA-RELATIONS
    KEYWORDS
    business
    The Daily Sabah Newsletter
    Keep up to date with what’s happening in Turkey, it’s region and the world.
    You can unsubscribe at any time. By signing up you are agreeing to our Terms of Use and Privacy Policy. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
    No Image
    Water lilies paint Gölbaşı Lake in Hatay green
    PHOTOGALLERY
    • POLITICS
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • News Analysis
    • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Diaspora
    • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • İslamophobia
    • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
    • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
    • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Performing Arts
    • Reviews
    • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
    • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
    • Photo gallery
    • Jobs
    • privacy
    • about us
    • contact us
    • RSS
    © Turkuvaz Haberleşme ve Yayıncılık 2021