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Ryanair increases holding in Aer Lingus
Ryanair has continued to buy up more of rival Aer Lingus as part of its takeover bid for the Irish flag carrier.
The no-frills airline has raised its stake to 19.2% from 16% when it made its takeover offer yesterday, valuing Aer Lingus at £1 billion.
Aer Lingus has rejected Ryanair chef executive Michael O’Leary’s approach amid suggestions that Irish government ministers will try to block the bid in court.
The Irish competition regulator is also reportedly expected to launch a probe into the proposed takover amid fears that it would create a monopoly.
A full investiation by Europe’s competition commission is also expected.
Ireland’s transport minister Martin Cullan reportedly attacked the Ryanair plan, saying it would create a monopoly which would be bad for Irish business.
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Report by Phil Davies
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