Ryanair awaits go-ahead for Buzz takeover

Ryanair said tonight that its takeover of rival low cost carrier Buzz will not go ahead tomorrow while it awaits clearance for the deal for the British Office of Fair Trading.

The Irish carrier had intended to complete the deal to buy Buzz from Dutch airline KLM on April 1.

Ryanair said it had already completed the due diligence period and that the legal documentation for the deal was being finalised.

It said in a statement tonight that both companies were seeking “urgent approval” from the OFT so that the deal could go ahead as soon as possible in order to save up to 130 jobs at a time of crisis in the airline industry.

The group also said that approval would allow it to commence crew training in time for the planned resumption of Buzz services on May 1, after services were shut down for the month of April.

Earlier this month Ryanair announced a rescue plan for loss-making Buzz which would see 440 jobs lost but 13 routes saved.

The company said tonight: “Ryanair and KLM have received enormous assistance from the OFT to date, and neither party envisages any difficulties in obtaining the necessary clearance in due course.”