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01/12/2008
Ryanair Flies Into Takeover Turbulence
There's a multi-million euro bid for Aer Lingus on the table today as budget airline Ryanair makes a fresh takeover offer.
The all-cash offer would value Aer Lingus at €748m euros (£619m) a lot less than the previous offer for Aer Lingus, which valued it at €1.5 billion.
While Ryanair's most significant Irish presence is at its Dublin Airport base, it also flies from George Best Belfast City Airport and City of Derry in Northern Ireland.
If it were to achieve overall ownership of its existing competitor, the major hub that Aer Lingus opened last year at Belfast International Airport would bring significant benefits and a broader range of services.
However, it also emerged that if the deal were to go ahead both airlines would continue to operate as separate companies with their own brands.
Ryanair's last bid for the airline was blocked by the European Commission on competition grounds with Rynair now responding that since its last offer was blocked by the Commission, there had been big changes in the sector.
The proposed deal comes on top of a turbulent few months at Aer Lingus, with staff at the point of national strike action as their management set out a series of swinging cut-backs and out-sourcing of jobs.
A compromise deal was only just finalised last month, but any new owner would still be likely to encounter a troubled few months, as a large number of jobs are still to be lost, after the unions agreed a deal to cut costs.
Previously, the EC judgment said that the combined airline would have controlled more than 80% of European flights to and from Dublin airport.
However, speaking to the media today, Ryanair boss Michael O'Leary said: "The world has changed dramatically over the past two years, as high oil prices and deep recession have caused a flood of airline bankruptcies, consolidations and capacity cutbacks.
"Aer Lingus, as a small, stand-alone, regional airline has been marginalised and bypassed as most other EU flag carriers consolidate," he claimed.
Ryanair already owns 29.82% of Aer Lingus with other major shareholders including the Irish government and Aer Lingus employees, both of which rejected the takeover offer last time.
See: Deal At Aer Lingus Ends Strike Threat
(BMcC/KMcA)
The all-cash offer would value Aer Lingus at €748m euros (£619m) a lot less than the previous offer for Aer Lingus, which valued it at €1.5 billion.
While Ryanair's most significant Irish presence is at its Dublin Airport base, it also flies from George Best Belfast City Airport and City of Derry in Northern Ireland.
If it were to achieve overall ownership of its existing competitor, the major hub that Aer Lingus opened last year at Belfast International Airport would bring significant benefits and a broader range of services.
However, it also emerged that if the deal were to go ahead both airlines would continue to operate as separate companies with their own brands.
Ryanair's last bid for the airline was blocked by the European Commission on competition grounds with Rynair now responding that since its last offer was blocked by the Commission, there had been big changes in the sector.
The proposed deal comes on top of a turbulent few months at Aer Lingus, with staff at the point of national strike action as their management set out a series of swinging cut-backs and out-sourcing of jobs.
A compromise deal was only just finalised last month, but any new owner would still be likely to encounter a troubled few months, as a large number of jobs are still to be lost, after the unions agreed a deal to cut costs.
Previously, the EC judgment said that the combined airline would have controlled more than 80% of European flights to and from Dublin airport.
However, speaking to the media today, Ryanair boss Michael O'Leary said: "The world has changed dramatically over the past two years, as high oil prices and deep recession have caused a flood of airline bankruptcies, consolidations and capacity cutbacks.
"Aer Lingus, as a small, stand-alone, regional airline has been marginalised and bypassed as most other EU flag carriers consolidate," he claimed.
Ryanair already owns 29.82% of Aer Lingus with other major shareholders including the Irish government and Aer Lingus employees, both of which rejected the takeover offer last time.
See: Deal At Aer Lingus Ends Strike Threat
(BMcC/KMcA)
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02 June 2009
Ryanair Flies Low
The budget airline Ryanair - which flies from two bases in Northern Ireland - has revealed financial returns showing a major nosedive in operating profits. Ryanair plunged into the red by €169.2 million (£145.9m) in the year to March after being hit with a 59% hike in its fuel bill.
Ryanair Flies Low
The budget airline Ryanair - which flies from two bases in Northern Ireland - has revealed financial returns showing a major nosedive in operating profits. Ryanair plunged into the red by €169.2 million (£145.9m) in the year to March after being hit with a 59% hike in its fuel bill.
17 December 2008
Revamped Ryanair Offer Shot-Down
Aer Lingus has rejected the Ryanair offer despite a revised bid from the budget airline yesterday. The rejection comes in spite of two major changes to the initial hostile takeover offer, with the Aer Lingus Chairman Colm Barrington dismissing the offer as "nothing new".
Revamped Ryanair Offer Shot-Down
Aer Lingus has rejected the Ryanair offer despite a revised bid from the budget airline yesterday. The rejection comes in spite of two major changes to the initial hostile takeover offer, with the Aer Lingus Chairman Colm Barrington dismissing the offer as "nothing new".
21 October 2009
Aer Lingus Should Merge – But Not With Ryanair
A former Aer Lingus chief executive has said the future of the airline can only be secured if it merges with another airline – as long as that airline isn't Ryanair.
Aer Lingus Should Merge – But Not With Ryanair
A former Aer Lingus chief executive has said the future of the airline can only be secured if it merges with another airline – as long as that airline isn't Ryanair.
31 August 2010
Examiner Appointed To Aer Arann
The High Court has appointed an Examiner for troubled airline, Aer Arann. Aer Arann said it intends to operate normally during the period of examinership and intends to fly all Aer Arann services and all Aer Lingus Regional services operated under the airline’s franchise agreement with Aer Lingus.
Examiner Appointed To Aer Arann
The High Court has appointed an Examiner for troubled airline, Aer Arann. Aer Arann said it intends to operate normally during the period of examinership and intends to fly all Aer Arann services and all Aer Lingus Regional services operated under the airline’s franchise agreement with Aer Lingus.
29 November 2001
Irish airport sector hit by further redundancies
It is thought that over 200 jobs are under threat at Dublin Airport following reports that Servisair has issued protective redundancy notices to workers at the site.
Irish airport sector hit by further redundancies
It is thought that over 200 jobs are under threat at Dublin Airport following reports that Servisair has issued protective redundancy notices to workers at the site.
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