Ryanair woos pilots' vote
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Ryanair is planning to approach a key Aer Lingus shareholder in an effort to win support for Michael O'Leary's latest bid for the airline.
Sources at Ryanair reveal that the company will this week offer to recognise the Irish Airline Pilots' Association (ILPA), if the union throws its entire pension fund stake in Aer Lingus behind the bid. The pilots pension fund and another pilots' association, Tailwinds, hold close to five per cent of Aer Lingus.
At the time of the 2006 failed Ryanair bid both shareholdings were cast against the takeover.
The approach marks one in a series of conciliatory moves by Ryanair in its effort to win over key parties. Its offer to recognise the traditional Aer Lingus unions is a bid to woo the Employee Share Ownership Trust which holds 14 percent of the votes, while its willingness to hand control of the sensitive Heathrow slots to the Government is aimed to bring its 25 per cent holding behind the bid .
Last night there were signs that political opposition to Ryanair's approach was softening.
Not only were cabinet members reassured by the possibility of Michael O'Leary making peace with the unions but they found the prospect of a windfall of €200m for the Exchequer particularly attractive.
- Shane Ross
