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Ryanair claiming ‘favourite airline’ status
Ryanair has wasted no time in placing its bid to take British Airways’ slot in the FTSE 100.
BA was ejected from the FTSE 100 index on Wednesday, when it was valued 111th by market capitalisation; just half a penny short of 110th position, the break point for the FTSE 100. In a move that the national newspapers have called cheeky and cocky, Ryanair has stepped into the fray and applied for BA’s slot, despite being ineligible for the index.
It said in a statement: “Ryanair’s application is rooted in the belief that there should be at least one representative of the airline industry in the FTSE 100 index”. Ryanair claims to be the second largest airline in Europe by market capital, currently at £2,742 million.
The carrier has also muscled-in on BA’s “World’s Favourite Airline” slogan, saying “Since Ryanair is now Britain’s favourite airline, out-carrying BA by two to one on routes where they compete, it is clear that Ryanair by market capitalisation should be admitted to the FTSE 100 index to replace BA”.
Ryanair’s financial director, Howard Millar said: “We intend to replace BA as the largest carrier of passengers to and from Britain and become the largest passenger airline in Europe”.
However, FT.com reported that the FTSE Group has not received an application from Ryanair, and in any case the Irish carrier could not join the index because it is listed in Dublin. So, it appears that Ryanair cheif Michael O’Leary, never the shrinking violet, is keen to rub BA’s nose in it.
On the other side of the world, Japan’s national carrier, Japan Airlines, is in danger of being delisted from the US Nasdaq as a result of its merger with Japan Air System, due to complete next month. FT.com reported that the carrier could be ejected because it will lose a special provision that exempts it from rules obliging Nasdaq-listed companies to report in line with US standards.
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