Budget airline Ryanair has revealed it is planning to make a €694-million bid to takeover airline Aer Lingus. Ryanair previously tried to takeover this rival airline in 2007, but the deal was prohibited by the European Council.
A Ryanair statement read: “Ryanair believes that any competition concerns which the European Commission may have can be addressed by Ryanair making appropriate remedies prior to the completion of this offer and by significant synergies and cost efficiencies resulting from this combination.”
Ryanair currently owns a 29.8% stake in Aer Lingus, which is the flag carrier of Ireland. There is speculation that the government of Ireland will be eager to sell their 25% stake in the company, allowing Ryanair to takeover.
If Ryanair succeeds and absorbs Aer Lingus, it would control about 80% of the Irish market share for air travel.