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09/12/2008
Aer Lingus Knuckles Down Over Ryanair Offer
Aer Lingus is fortifying its defences against the bold approach from Ryanair last week.
The airline's Chief Executive Dermot Mannion has announced the recent union agreement will mean the loss predicted for the end of year could be turned around due to its expected €50 million in cuts.
The Aer Lingus boss welcomed the outcome of the recent SIPTU ballot, which he said would provide significant cost savings, work practice changes and pay inflation moderation for the airline. Mr Mannion said: "Crucially, this transformational programme of change will provide an excellent platform for growth at each base in the future."
Following the union agreement, shares in Aer Lingus climbed to €1.58, in contrast to the Ryanair takeover bid valuation of just €1.40 per share.
Ryanair's previous takeover proposal in 2006 was rejected by the European Commission over its damage to competition, however, the company claims its current offer would not breach competition regulations.
A spokesman for Ryanair said: "In this announcement Ryanair outlines some of the details of its proposals in order to demonstrate how the Offer promotes and secures competition and how it will promote national aviation policy and perceived Irish Government concerns in that regard."
The airline announced it would restore Shannon-Heathrow connectivity, give the government control over London-Heathrow slots, and provide a €100 million bank guarantee that it would reduce Aer Lingus' short haul fares by 5% and eliminate the airlines fuel surcharge.
However, rebutting the new offer, a spokesman for Ryanair said: "Following a thorough review, the European Commission prohibited Ryanair's takeover of Aer Lingus on 27th June 2007.
"Ryanair is now appealing the European Commission prohibition. Consequently, this new lower offer is not capable of completion.
"Aer Lingus remains a strong business with significant cash reserves and a robust long term future. The Board believes that the Offer significantly undervalues Aer Lingus."
(DW)
The airline's Chief Executive Dermot Mannion has announced the recent union agreement will mean the loss predicted for the end of year could be turned around due to its expected €50 million in cuts.
The Aer Lingus boss welcomed the outcome of the recent SIPTU ballot, which he said would provide significant cost savings, work practice changes and pay inflation moderation for the airline. Mr Mannion said: "Crucially, this transformational programme of change will provide an excellent platform for growth at each base in the future."
Following the union agreement, shares in Aer Lingus climbed to €1.58, in contrast to the Ryanair takeover bid valuation of just €1.40 per share.
Ryanair's previous takeover proposal in 2006 was rejected by the European Commission over its damage to competition, however, the company claims its current offer would not breach competition regulations.
A spokesman for Ryanair said: "In this announcement Ryanair outlines some of the details of its proposals in order to demonstrate how the Offer promotes and secures competition and how it will promote national aviation policy and perceived Irish Government concerns in that regard."
The airline announced it would restore Shannon-Heathrow connectivity, give the government control over London-Heathrow slots, and provide a €100 million bank guarantee that it would reduce Aer Lingus' short haul fares by 5% and eliminate the airlines fuel surcharge.
However, rebutting the new offer, a spokesman for Ryanair said: "Following a thorough review, the European Commission prohibited Ryanair's takeover of Aer Lingus on 27th June 2007.
"Ryanair is now appealing the European Commission prohibition. Consequently, this new lower offer is not capable of completion.
"Aer Lingus remains a strong business with significant cash reserves and a robust long term future. The Board believes that the Offer significantly undervalues Aer Lingus."
(DW)
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02 December 2008
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The Irish Finance Minister Brian Lenihan (pictured) is said to be having a "serious look" at a fresh multi-million euro offer for Aer Lingus from its rival Ryanair - even though the airline itself has publicly ruled the bid out. Ryanair boss, Michael O'Leary has been actively trying to take over Aer Lingus for sometime, offering €1.
Government Looks Seriously At Aer Lingus Offer
The Irish Finance Minister Brian Lenihan (pictured) is said to be having a "serious look" at a fresh multi-million euro offer for Aer Lingus from its rival Ryanair - even though the airline itself has publicly ruled the bid out. Ryanair boss, Michael O'Leary has been actively trying to take over Aer Lingus for sometime, offering €1.
11 March 2009
Ryanair To Give Away Free Flights After Aer Lingus Losses
Ryanair have promised over 100,000 free flights as Aer Lingus announced pre-tax losses of almost €120million on Wednesday. Ireland's second biggest airline reported an after-tax loss of €107.8 million. The company claimed "unprecedented high fuel prices" last year resulted in a 54% increase in fuel costs.
Ryanair To Give Away Free Flights After Aer Lingus Losses
Ryanair have promised over 100,000 free flights as Aer Lingus announced pre-tax losses of almost €120million on Wednesday. Ireland's second biggest airline reported an after-tax loss of €107.8 million. The company claimed "unprecedented high fuel prices" last year resulted in a 54% increase in fuel costs.
10 July 2015
Ryanair To Sell Aer Lingus Stake To IAG
Ryanair has confirmed its board has voted "unanimously" to accept the IAG offer for its 29.8% shareholding in Aer Lingus Group. The airlines stake has been available for sale since May 2012. The board has said it believes the current IAG offer "maximises Ryanair shareholder value.
Ryanair To Sell Aer Lingus Stake To IAG
Ryanair has confirmed its board has voted "unanimously" to accept the IAG offer for its 29.8% shareholding in Aer Lingus Group. The airlines stake has been available for sale since May 2012. The board has said it believes the current IAG offer "maximises Ryanair shareholder value.
18 July 2012
Aer Lingus Want Shareholders To Reject Ryanair Takeover Bid
Aer Lingus has called on its shareholders to reject the Ryanair takeover offer. Ryanair submitted a formal takeover for Aer Lingus yesterday with an offer of €694m. However, Aer Lingus has said it believes Ryanair’s offer "fundamentally undervalues Aer Lingus and represents a significant discount to the intrinsic value of the business".
Aer Lingus Want Shareholders To Reject Ryanair Takeover Bid
Aer Lingus has called on its shareholders to reject the Ryanair takeover offer. Ryanair submitted a formal takeover for Aer Lingus yesterday with an offer of €694m. However, Aer Lingus has said it believes Ryanair’s offer "fundamentally undervalues Aer Lingus and represents a significant discount to the intrinsic value of the business".
14 January 2009
Mayday! Aviation Chiefs Go Head-To-Head
The runways are cleared and emergency vehicles are on standby, as Ireland's aviation heads go 'mano-a-mano' on live television. Michael O'Leary (pictured) and Dermot Mannion will take part in a live debate over Ryanair's proposed takeover of Aer Lingus.
Mayday! Aviation Chiefs Go Head-To-Head
The runways are cleared and emergency vehicles are on standby, as Ireland's aviation heads go 'mano-a-mano' on live television. Michael O'Leary (pictured) and Dermot Mannion will take part in a live debate over Ryanair's proposed takeover of Aer Lingus.
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Ireland WeatherToday:Gale, coastal severe gale, northwest winds ease from late afternoon. Scattered showers will fall as snow over the hills at first, becoming isolated from mid-afternoon. Maximum temperature 7 °C.Tonight:Showers, scattered in the evening, will clear by midnight leaving the night dry with clear spells. Cloud will spread east towards morning. Minimum temperature 2 °C.
