Ryanair challenges UK ruling on stake in rival

Ryanair has challenged a decision by the UK antitrust regulator ordering it to slash its stake in Aer Lingus to no more than 5%.

Ryanair is appealing the UK Competition Commission’s August ruling on the grounds there is no basis in law for it have to have come to its decision, and that the procedure was flawed, David Pannick, a lawyer representing Ryanair said on the first day of the three-day hearing at the London Competition Appeals Tribunal.

Ryanair’s 29.8% holding in its competitor, valued at about €249m, affects Aer Lingus’s policy and strategy, the Competition Commission said in a report published in August ordering the low-cost carrier to cut its stake in Aer Lingus.