Ryanair Holdings said today that it had no plans to make a takeover bid for no-frills rival EasyJet.
'Hell will freeze over first. I don't know where this is coming from,' a Ryanair spokeswoman said in response to media reports citing market speculation it was considering a bid.
EasyJet shares continued to rise today, gaining over 3% in a firmer London market. The stock has gained around 12% in the past week, rising off record lows reached on concern about high fuel costs and low ticket prices.
Ryanair and EasyJet, two of Europe's most successful low-cost carriers, are fierce rivals.
Ryanair has been slashing fares to fill seats and has repeatedly warned of a 'bloodbath' in the European low-cost market this winter as intensifying competition puts the crunch on ticket prices.
Ryanair declined to comment on whether it was seeking any major acquisitions. It reports first-half results on November 2.
Ryanair shares closed down one cent to €3.73 in Dublin.
