24 AUGUST 2015
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The induction of Aer Lingus into IAG (International Airlines Group) took a step forward last week when IAG announced that Ryanair, the largest shareholder in the former Irish national carrier, had accepted the offer for its shareholding. This makes the bid wholly unconditional (at over 75% acceptance), 95.77% of Aer Lingus shareholders having thus far accepted. IAG’s bid was set at €1.3bn, and was previously subject to EU approval.
Ownership of the airline is scheduled to move to AERL Holdings, a wholly owned IAG subsidiary, on 17 September. Meantime, AERL will compulsory purchase the remainder of Aer Lingus shares, and Aer Lingus will be re-registered as a private company from that date.
Willie Walsh, Chief Executive of IAG, stated of Aer Lingus “it will remain an iconic Irish brand with its base and management team in Ireland,” going on to state the benefits to customers, staff and the Irish economy, the carrier joining a profitable group. Mr Walsh was CEO of Aer Lingus from October 2001 until January 2005 resigning over a privatisation dispute.
The current Aer Lingus fleet consists of 40 Airbus A320 series and eight Airbus A330s with nine Airbus A350s on order for delivery from 2018 at the rate of three per year. www.iairgroup.com
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