Wednesday 28 September 2016

Aer Lingus sale: Shareholders back key resolutions paving way for €1.4bn IAG takeover

Published 15/07/2015 | 02:30

IAG: Concessions to EC
IAG: Concessions to EC

Aer Lingus shareholders have unanimously backed key resolutions that pave the way for the finalisation of the takeover of the airline by IAG.

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At an extraordinary general meeting in Dublin this morning, Aer Lingus shareholders voted on four resolutions. They included a resolution to create a special share – the so-called B share - that the Government will hold following the takeover to allow it to veto any possible future sale of Aer Lingus takeoff and landing slots at Heathrow.

Shareholders also approved another resolution to approve connectivity commitments that have been given to the Government by IAG as part of the takeover plan.

Of the shares voted at today’s EGM, virtually all of them were voted in favour of the resolutions.

It’s possible that Aer Lingus could become part of the IAG family as soon as next month.

Aer Lingus chairman Colm Barrington, speaking after the meeting, said the takeover didn’t spell the end of an era for the airline.

“It’s a change in shareholding for Aer Lingus. The company is still Aer Lingus, still got the same people, the same brand, the same routes, the same customers,” he said. “It’s just a change of shareholders from the Government and Ryanair, and some institutions, to IAG.”

“I’ve no regrets to see this change in shareholding.”

A number of Aer Lingus pensioners and deferred pensioners protested outside the hotel where this morning’s EGM. They’re upset at cuts to pensions imposed as part of a pension scheme restructuring.

IAG welcomed the results of this morning’s vote. It said it has also received clearance for the takeover from the US Department of Justice. The European Commission also sanctioned the takeover this week.

Irish Independent

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