Ryanair’s takeover bid set to be rejected

THE European Commission will announce its rejection of Ryanair’s proposed purchase of rival airline Aer Lingus in the next month, sources close to the deal suggested yesterday.

The blocking of Ryanair’s unsolicited offer, originally valued at €1.48 billion, will be only the 20th such decision in more than 3,000 cases reviewed by the European Union’s executive arm since 1990.

The EU’s competition department prepared a proposed decision to present to the full commission before a July 4 deadline after a market test found Ryanair’s latest proposed remedies for competition problems were insufficient.