Ryanair has finally agreed to sell its stake in Aer Lingus to another EU airline, ending a six-year battle between the two airlines.
It made the undertaking ahead of a ruling by the UK’s Competition Commission that could have forced a sale and after three failed take-over bids for its smaller rival.
In a statement issued this morning, Ryanair said its decision to sell its 29% stake in Aer Lingus was being made "in order to dispel the Competition Commission’s unfounded and invented "concern" that Ryanair’s shareholding may prevent Aer Lingus from being acquired by another EU airline".
Ryanair’s Robin Kiely said: "It is clear from the CC’s own Provisional Findings report that it has found no evidence of any lessening of competition between Ryanair and Aer Lingus.
"In fact, Ryanair’s recent (third) offer for Aer Lingus was prohibited by the EU precisely because of the evidence, submitted by both Aer Lingus and the Irish Government, that competition between Ryanair and Aer Lingus has "intensified" during the past 6.5 years.
"This bogus CC "concern" has now been fatally undermined thereby removing any requirement for a divestment of Ryanair’s 6.5 year old minority shareholding which even the CC now admits hasn’t given Ryanair any influence, and Aer Lingus admits has led to intensified competition to the benefit of the perhaps one or maybe two UK consumers who even fly Aer Lingus."
