BA-parent clears final hurdle to acquire Aer Lingus
British Airways’ parent IAG has finally completed its takeover of Aer Lingus after acquiring Ryanair’s near 30% stake in the Irish airline.
Ryanair confirmed yesterday that it had formally accepted IAG’s offer, which means IAG has cleared the final hurdle in its year-long struggle to acquire the former Irish flag carrier for around €1.5 billion.
Chief executive Willie Walsh said: "We’d like to welcome Aer Lingus into IAG.
"It will remain an iconic Irish brand with its base and management team in Ireland but will now grow as part of a strong, profitable airline group. This means new routes and more jobs benefitting customers, employees and the Irish economy and tourism."
Ryanair’s acceptance of the IAG offer clears the way for Aer Lingus shareholders to be paid for the shares they’ve sold to IAG.
IAG said it had received acceptance for more than 75% of Aer Lingus shares. It’s offer to remaining shareholders will stay open until next month.
AERL Holding, the wholly owned subsidiary of IAG, will request Aer Lingus cancel its share listings by the Irish Stock Exchange and UK Listing Authority and that Aer Lingus shares stop trading on the Irish Stock Exchange and London Stock Exchange.
IAG said it is anticipated that cancellation of listing and trading will take effect no earlier than 08:00 (Irish time) on 17 September 2015.
"AERL Holding also intends to take the necessary steps to acquire compulsorily any outstanding Aer Lingus shares and to re-register Aer Lingus as a private company," it said.
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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