Ryanair shares take dip on back of Alitalia bid

Ryanair has confirmed it has made an indicative takeover offer for struggling Italian airline Alitalia, saying the potential long-haul passenger feed opportunities make the deal “interesting”.

However, news of the offer and Easter-strengthened first-quarter figures did little to help Ryanair’s shares, which fell by 3.7% in early trading before paring back to close the day down 1.1%. The stock is up by around 23% since the turn of the year.

The Italian government placed loss-making Alitalia into special administration in May. Ryanair has been linked to the Italian airline for some time — initially saying it would be interested in “co-operating” with the business rather than buying it. However, last month Ryanair boss Michael O’Leary said that the Irish carrier would consider a bid once Alitalia was restructured by the administrators. At that stage, it was reported that over 30 parties had expressed an interest in Alitalia, albeit for specific assets — such as planes or airport slots — rather than the business as a whole.