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12 JANUARY 2015

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Article from BTNews 12 JANUARY 2015

Aer Lingus and British Airways

Late on Friday (9 January) IAG issued the following statement.

“International Airlines Group (IAG) notes recent press speculation and confirms it submitted a revised proposal to make an offer for Aer Lingus on 29 December 2014, which has been rejected by the Board of Aer Lingus.  The revised proposal consisted of a cash offer of €2.40 per Aer Lingus share, subject to certain pre-conditions, representing an improvement to the €2.30 per Aer Lingus share that IAG had originally submitted.

There can be no certainty that any further proposal or offer will be forthcoming.  A further statement will be made if and when appropriate”. 

Willie Walsh is clearly serious in his bid.  What happens next?  Is he working in cahoots with Michael O’Leary?   See BTN 5 January.  And at what point does Aer Lingus says yes?

In the meantime there has been a revision of the Aer Lingus current CEO’s departure date.  Christoph Mueller will now step down 28 February to take up his new role as CEO of Malaysia Airlines.  Malaysia seemed to expect him earlier.  Does he have a say with IAG?  No replacement has yet been announced. www.aerlingus.com

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