Airways News: Ryanair to Accept IAG Offer for Aer Lingus Stake

The Irish Government, which owned 25% of Aer Lingus, accepted IAG’s offer in May.

“The guarantees that are in place mean that Aer Lingus’ existing slots will be maintained and schedules between Ireland and Heathrow will be retained for a set period of time”, said Mr Hayes.

A spokesman for IAG said: “We welcome Ryanair’s statement”. They will also vote on a “golden share” for the Irish government to be able to veto changes IAG may make to the slots. Aer Lingus gained 2.4pc in Dublin trading.

IAG, which also owns Spain’s Iberia airline, had made its takeover bid conditional on acceptance by Ryanair.

But the airline’s board has today voted unanimously to accept IAG’s offer to buy its shareholding in Aer Lingus.

“The ruling of the CMA was patently absurd, we intend to continue until we get it overturned”, Mr O’Leary said.

The Irish budget operator built up its stake in Aer Lingus during its own aborted takeover attempts, which began in 2006 but were ultimately blocked by European regulators.

IAG’s plans include building a new transatlantic hub at Dublin airport.

“More developments targeting North America are a key strategic objective of IAG and this is where Aer Lingus’s acquisition is important”, said Euromonitor airline analyst Nadejda Popova.

The takeover now depends on the European Union’s competition authorities, who have to give the deal their seal of approval.

Ryanair will now vote in favour of the deal at a meeting of Aer Lingus shareholders next Thursday.

The approval clears one of the last major hurdles for the deal, which offers €2.50 per Aer Lingus share plus a cash dividend of €0.05 per share.

However, IAG plans to create up to 635 new net jobs would be created at Aer Lingus by 2020. The jet will be moved from Copenhagen to Kaunas, in Lithuania, on Tuesday.