Ryanair sells its stake in Aer Lingus
Budget airline Ryanair yesterday accepted an offer of £1 billion from International Airlines Group for its 29.8% stake in Aer Lingus. The deal paves the way for IAG, owner of British Airways and Iberia, to take over the Irish airline.
There has been many complications leading up to the deal, with Ryanair ordered to cut its stake in Aer Lingus last month by UK authorities. Michael O'Leary, Ryanair chief executive, yesterday said, 'We believe the IAG offer for Aer Lingus is a reasonable one in the current market and we plan to accept it, in the best interests of Ryanair shareholders. The price means that Ryanair will make a small profit on its investment in Aer Lingus over the past nine years.'
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