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BA owner in 'new Aer Lingus bid'
24 Jan 2015 22:10
The owner of British Airways has made a fresh bid to buy Aer Lingus.
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It is understood discussions are underway this weekend to decide if the offer by the International Airlines Group (IAG), believed to be worth €2.50 a share should be accepted.
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This would value the airline at €1.3bn.
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The Aer Lingus board has already rejected two offers made by the International Airlines Group worth €2.30 and €2.40 a share.
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However, reports today suggest the airline is edging closer to a deal with IAG boss Willie Walsh.
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It comes a decade after Mr. Walsh stepped down as Aer Lingus CEO, after a failed bid for a management buy-out of the carrier.
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Analysts say it is not just history that makes Aer Lingus an attractive proposition for him. Senior Equity Analyst in Transportation at Davy's Stephen Furlong said IAG's desire for additional runway slots at Heathrow and Aer Lingus’ existing operations are all of interest to the group.
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If the offer is accepted it will be up to the Government, which holds a 25.1% share, to decide whether to accept or reject it.
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This latest bid comes at a time when the other major shareholder, Ryanair, is coming under pressure to reduce its 29.9% stake in the airline on competition grounds.
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