Ryanair has offered to sell its 29.8 per cent stake in Aer Lingus to any European airline which wants to make a bid for its Irish rival.
The no-frills carrier’s shareholding in Aer Lingus is currently being investigated by the UK’s Competition Commission (CC) to see if it is adversely affecting the airline market between the UK and Ireland.
Ryanair said that it was now willing to make an undertaking to the commission that it would sell the stake to any EU-based airline which wanted to take over Aer Lingus.
“In order to dispel the CC’s unfounded and invented “concern” that Ryanair's shareholding may prevent Aer Lingus from being acquired by another EU airline, Ryanair will undertake to unconditionally sell its 29 per cent shareholding to any other EU airline that makes an offer for Aer Lingus and obtains acceptances from 50.1 per cent of Aer Lingus shareholders,” said Ryanair in a statement.
The CC had been due to submit a report on the impact of Ryanair’s shareholding in Aer Lingus by July 11. But this deadline has been pushed back to September 5 although the final report is expected to be released in August.
Ryanair has tried three times to take over its Irish competitor but the latest attempt was blocked by the European Commission in February.
Ryanair spokesman Robin Kiely added: “It is clear from the CC’s own provisional findings report that it has found no evidence of any lessening of competition between Ryanair and Aer Lingus.
“In fact, Ryanair's recent (third) offer for Aer Lingus was prohibited by the EU precisely because of the evidence, submitted by both Aer Lingus and the Irish government, that competition between Ryanair and Aer Lingus has "intensified" during the past six-and-a-half years.”