Ryanair has formally presented its offer to purchase Aer Lingus, in which it already holds a 29.82% share of the capital through its subsidiary Coinside Limited. The offer, which has been made formal at the request of the European authorities, comes to 694 million euros, and has been published on the company’s website.
Ryanair’s intention to acquire Aer Lingus had already been announced at the end of June, when the board of directors approved a cash offer of 1.30€ per share. This is the third bid made by the low-cost operator to take control of its main rival in the Irish domestic market in the last six years.
Ryanair already owns 29.82% of Aer Lingus’ share capital thanks to the acquisitions it has made over the last five years, and the company has already made previous takeover bids in 2006 and 2008. These bids were rejected by the European Commission due to issues regarding competition: the airline already controls 80% of air traffic between Ireland and the UK.
Ryanair flew more than 13 million passengers between the UK and Spain during the first 6 months of the year.
Image: copyright MT, taken in Alicante
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