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Dublin: 12 °C Wednesday 27 May, 2020

Ryanair has voted to sell its Aer Lingus shares

The decision paves the way for the sale to IAG to be completed.

Image: PA Wire/Press Association Images

THE BOARD OF Ryanair has voted unanimously to sell its share of Aer Lingus, paving the way for the airline to be acquired by IAG.

Ryanair owns 29.8% of the former national airline, but their board has accepted the current IAG bid, which they say will gain the maximum value.

The news comes two months after the Irish government agreed to sell its 25% holding to British Airways owner IAG, which had launched a €1.4-billion-euro takeover bid for Aer Lingus.

RTÉ quotes Ryanair CEO Michael O’Leary as saying the deal was “reasonable”.

“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.”

O’Leary added that Ryanair would make a small profit on the money it has invested in Aer Lingus.

Read: Michael O’Leary wants to give Greeks free flights (but he thinks their leaders are lunatics)

Read: Ryanair had a cheap seats sale – but not everyone was impressed

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