News

EC Refers Ryanair Offer for Aer Lingus to Phase II

EC Refers Ryanair Offer for Aer Lingus to Phase II

The European Commission has announced its decision to open an in-depth Phase II review into Ryanair’s latest offer to acquire control of Aer Lingus – and Ryanair has announced its intention to re-bid if the review clears its offer.

Aer Lingus responded: “Ryanair’s first attempt to take over Aer Lingus was prohibited in 2007 on competition grounds. Aer Lingus is a much stronger airline today than it was at the time of the previous Ryanair offers and is Ryanair’s only significant competitor on the vast majority of Irish air routes. The number of routes into and out of Ireland on which Aer Lingus and Ryanair compete has sharply increased since 2007. The reasons for prohibition are therefore even stronger than before.

“In addition to the European Commission’s in-depth investigation, the UK Competition Commission also continues to investigate the harmful effects of Ryanair’s minority shareholding in Aer Lingus which is contrary to the interests of consumers and the majority of our shareholders.”

European Commission Logo

Ryanair responded: “Following today’s (29th August) decision of the European Commission to refer the acquisition of Aer Lingus to Phase II, Ryanair’s Offer lapses, in accordance with the Takeover Rules, with immediate effect, and all acceptances of the Offer to date are void.

“Ryanair intends to re-bid for Aer Lingus if the European Commission clears its offer following its Phase II review. The making of any such Further Offer will require consent* of the Takeover Panel to a derogation from the prohibition on making a further offer within 12 months after the date on which the original Offer lapsed.

“In keeping with its policy to date, Ryanair will not make any comment other than the above on this process.”

*The relevant Notes to the Takeover Rules specifically provide that the Panel may grant consent in circumstances where a previous offer has lapsed as a result of a Phase II review by the European Commission, if following Phase II approval by the Commission, a new offer is made within 21 days of the issue of such a clearance.

Click to add a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

NEIL STEEDMAN has been a trade journalist, copywriter, editor and proofreader for 50 years, and News & Features Editor for ‘Irish Travel Trade News’ for the past 40 years.

More in News

Aer Lingus Seattle

Aer Lingus Announces New 
Direct Route to Seattle

Neil SteedmanNovember 17, 2017
Awards eNews Story 3

Four Province Winners of ITTN Travel Agency of the Year Awards Announced

Neil SteedmanNovember 16, 2017
Martin Skelly

Martin Skelly to Chair Irish Travel Industry Summit

Neil SteedmanNovember 16, 2017
Irish Travel Trade News Awards 2016, held at the Clayton hotel, Burlington Road, Dublin . November 2016

Win Big Prizes at the Irish Travel Trade Awards!

Neil SteedmanNovember 16, 2017
Skytours Home Page

Skytours Seeks Full-Time Senior Travel Sales Consultant

Neil SteedmanNovember 16, 2017
Air Transat New Livery

Air Transat Unveils New Livery as it Celebrates 30th Anniversary

Neil SteedmanNovember 16, 2017
Imelda McCarthy 2 Photo

Imelda McCarthy Becomes the 70th Travel Counsellor

Michael FloodNovember 16, 2017
Catalonia

Catalonia 2018: The Year of Culture

Neil SteedmanNovember 16, 2017
Clayton Hotel Burlington Road Exterior

Industry Summit on Leisure Travel Opportunities and New EU Package Travel Directive

Neil SteedmanNovember 14, 2017

Copyright © 2016 Belgrave Group Limited, C4 Nutgrove Office Park, Nutgrove Avenue, Rathfarnham, Dublin 14, Ireland