Ryanair has confirmed that it is looking to sell its 30% stake in Aer Lingus, but insisted that it has not been approached directly by British Airways parent IAG, which last week made a revised takeover offer for the Irish national carrier.
Kenny Jacobs, Ryanair’s chief marketing officer, told journalists yesterday that Ryanair has been actively looking for companies to make an offer for its share of the airline after repeatedly being told by UK competition regulators that it must reduce its stake to no more than 5%.
He said he expects IAG to make a third takeover offer for Aer Lingus this week, after the Irish carrier last week rejected its second, improved offer of €2.40 a share.
IAG will probably have to pay €2.50 to €2.70 a share, said Jacobs.
Meanwhile, Ryanair is waiting for the outcome of its application to the UK Court of Appeal to overturn competition regulators’ orders for it to cut its stake in Aer Lingus. The ruling is expected this week.
The Irish government is the second-biggest shareholder in Aer Lingus with a 25.1% stake. It is known to be keen on selling its shares, for the right price, as long as it protects the state’s interest
