O’Leary confident deal will go ahead

Ryanair is likely to sell its near 30% stake in Aer Lingus if the European Commission rejects its latest takeover offer for the former state-controlled airline in the coming months.

However, the low-fares carrier remains confident that Brussels — which is exploring competition concerns surrounding the deal — will approve its €694m/€1.30 per share bid. Ryanair, which owns 29.8% of Aer Lingus, lodged its second takeover bid for the airline in July; which Aer Lingus immediately opposed, saying it undervalued the company. The European Commission is currently probing the matter and must make a ruling before the end of January.

Speaking after Ryanair’s AGM, in Dublin yesterday, the airline’s chief executive Michael O’Leary said that he would like to see approval granted before the end of this year, adding that he thinks the case which Ryanair has made to the Commission will be accepted.