Ryanair offers to sell Aer Lingus stake

Ryanair has offered to sell its 29% stake in Aer Lingus to overcome takeover concerns from competition authorities.

The UK Competition Commission (CC) has raised a concern that Ryanair’s share in Aer Lingus could be stopping an EU airline from buying out the latter.

Competition authorities have previously denied Ryanair of buying out Aer Lingus over concerns it will lessen competition on routes between the UK and Ireland.

Ryanair has now offered to sell its stake in the carrier to another EU airline despite both airlines agreeing competition has increased on routes in the six years Ryanair has held an Aer Lingus stake. Ryanair has no influence in Aer Lingus’ commercial strategy and criticised the CC’s chairman Simon Polito and Roger Davis for “inventing new and fantastical concerns”.

A statement from Ryanair said: “In order to remove any remaining shred of credibility from this CC process and eliminate any doubt about this imaginary albeit non-existent “concern”, Ryanair has now agreed that it will unconditionally sell its 6½ year old minority stake to any other EU airline which makes an offer for, and acquires more than 50.1% of, Aer Lingus shares, at the same price and terms which are accepted by these other 50.1% of Aer Lingus shareholders. This remedy unconditionally removes any ability by Ryanair to block any future takeover of Aer Lingus by another EU airline.”