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IAG takes over Aer Lingus for USD1.5b
(MENAFN) IAG is set to complete its takeover of Aer Lingus after Ryanair said it would accept the offer and the British Airways-owner would gain conditional EU approval, The Peninsula Qatar reported.
IAG's plan to buy Aer Lingus and build a new transatlantic hub at Dublin airport depended on agreement from Ryanair, which holds a 30 percent stake in Aer Lingus, and the Irish government, which agreed to sell its 25 percent stake in May.
It is set to clear the final hurdle and gain European Union antitrust approval for the USD1.5 billion bid after improving concessions to ease competition worries, a person familiar with the matter said yesterday.
The concessions were made ahead of a July 15 deadline and include giving up some airport slots in London and special agreements with rivals, the source said.
IAG's plan to buy Aer Lingus and build a new transatlantic hub at Dublin airport depended on agreement from Ryanair, which holds a 30 percent stake in Aer Lingus, and the Irish government, which agreed to sell its 25 percent stake in May.
It is set to clear the final hurdle and gain European Union antitrust approval for the USD1.5 billion bid after improving concessions to ease competition worries, a person familiar with the matter said yesterday.
The concessions were made ahead of a July 15 deadline and include giving up some airport slots in London and special agreements with rivals, the source said.
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