Ryanair is to sell its stake in Aer Lingus
The decision has paved the way for the sale of the airline to IAG.
In a statement Ryanair says the board has voted unanimously to accept the offer for its 29.8 per cent shareholding in Aer Lingus.
Its says the Board believes that the current IAG offer maximises Ryanair shareholder value.
In May the government announced it's intention to accept the IAG offer. The state holds a 25% stake in Aer Lingus. At the time the MInister for Transport Pascal Donohoe said the deal ‘would best serve the interests of the travelling public, Aer Lingus and its employees, the Irish tourism industry and the Irish economy as a whole’
Aer Lingus will now hold an EGM to vote on the offer on July 16th
Ryanair's Michael O'Leary said:
"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. The price means that Ryanair will make a small profit on its investment in Aer Lingus over the past 9 years.
