Ryanair says Aer Lingus takeover inevitable
24.09.08
Howard Millar, Ryanair's Chief Financial Officer, told Sky News that its takeover of Aer Lingus is now inevitable. The budget airline has a stake of almost 30% in its Irish rival, but its previous attempt to buy Aer Lingus was blocked by the European Competition Authority and was also unpopular with its shareholders, including the Irish Government, employees and pilots.
However, Mr Millar said: ‘We're presently appealing the ruling. We own 30%, the Irish Government owns 25% and the unions and others own about 12-14% [of Aer Lingus]. It may be unpopular, but it's what is going to happen.’ The appeal will be heard early next year. Ryanair believes that the current financial climate has changed attitudes towards the possible buyout and the decision will be different this time.
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