Ryanair and Aer Lingus have confirmed that their representatives held a meeting yesterday.
Ryanair has been having a series of meetings with key Aer Lingus shareholders since launching a second takeover bid for the airline.
Aer Lingus has rejected the offer. In a statement this morning, Aer Lingus said it explained to Ryanair 'how the bid fundamentally undervalues the airline, its robust financial position, ignores the substantial competition issues and is therefore not capable of completion'.
Ryanair said later that it had formally complained to the Irish Takeover Panel about Aer Lingus's statement that Ryanair's offer 'ignores the substantial competition issues and is therefore not capable of completion'.
Ryanair claims the Aer Lingus statement is 'false' and in breach of takeover rules.
Yesterday, figures showed that Aer Lingus shareholders had largely snubbed the Ryanair offer so far.
Ryanair has also formally requested an extraordinary general meeting of Aer Lingus shareholders. It wants the meeting to discuss the issue of Aer Lingus's agreements with chief executive Dermot Mannion and chief financial officer Sean Coyle in the event of a takeover of the airline.
Ryanair hedging to lower fuel costs
Meanwhile, Ryanair says it has extended its jet fuel hedging position to 50% of its fuel needs for the first three quarters of its 2009/10 financial year, which begins on April 1.
In November, Ryanair said it was 25% hedged for Q1 and Q2 of 2009/10 at an average cost of $770 per tonne. This is equivalent to around $70 a barrel of crude.
As a result of this recent increase in its hedging position, Ryanair's average cost per tonne for the 50% hedged in 2009/10 is $700, or around $64 a barrel of crude. The average cost per tonne in the current financial year was $1,220 ($110 a barrel).
