Ryanair’s failed third bid to take over Aer Lingus begs the question whether the move would be allowed under any circumstances.

If Ryanair’s takeover of Aer Lingus goes ahead the low-cost airline will bear the cost of Aer Lingus’s €748m pension deficit, creating a clean sheet for Flybe Ireland.

Spending tens of millions of euro fighting Ryanair’s takeover bids is hitting Aer Lingus’s profits and resulting in a lower dividend for shareholders, according to Aer Lingus chief executive Christoph Müller

Airline Flybe boosted Ryanair’s hopes of a takeover of Aer Lingus today by agreeing a plan to fly 43 of the Irish carrier’s short-haul routes.