Aer Lingus bid to stop Ryanair interference fails
19.03.08
The European Court has rejected an attempt by Aer Lingus to stop what it calls ‘interference’ by Irish rival and large shareholder Ryanair. The Irish flag carrier was seeking to block Ryanair from using its voting rights to influence its decisions, in the latest twist to a vicious takeover battle.
Aer Lingus turned to the court after the European Commission said in October it could not force Ryanair to cut its 29.4% shareholding. The airline said in a statement: ‘The President of the Court of First Instance in Luxembourg has declined our request for an interim order restricting Ryanair from interfering in the running of our business.'
A spokesman for Aer Lingus said: ‘This decision only dealt with the request for an interim order. Our appeal against the Commission's decision still remains to be determined by the Court.’
The Commission, which regulates large mergers in the EU, blocked a Ryanair takeover bid for Air Lingus last June, saying the combined airline would dominate European routes out of Dublin. Ryanair has appealed that decision at the Court of First Instance, saying the EC's opposition to the takeover was 'unlawful and politically motivated'.
A Ryanair spokesman said: ‘We welcome the decision from the court which confirms the European Commission's findings that Ryanair has no control over Aer Lingus.'
Add to: del.icio.us | Digg it | Newsvine | NowPublic | Reddit
To book belfast airport hotels or belfast airport parking at the lowest price click on these links to belfast airport parking and belfast airport hotels price comparison pages.
