independent

Saturday 19 April 2014

Ryanair's 'Bondo' silent on Aer Lingus rebuff

THE Punt wonders what Ryanair chairman David Bonderman makes of the latest knockback by Brussels for the airline's tilt at Aer Lingus.

Known to his friends as 'Bondo', the 70-year-old billionaire founder of private equity group TPG must sometimes ponder too if it's time to call off the pursuit.

But shareholders might never get to know his thoughts. As far as The Punt is aware, he has never made an appearance at a Ryanair AGM, despite having been appointed chairman of the group back in December 1996.

He's deemed an independent director, so would he think that it's time to stop spending shareholders' money chasing Aer Lingus?

And the billionaire – who celebrated his landmark birthday last November with a Las Vegas party that included a two-hour performance by Paul McCartney – has been getting nothing but bad news this week from this side of the pond.

TPG is the owner of UK fashion chain Republic, which went into administration yesterday. TPG bought the business back in 2010 with a £300m (€346m) valuation placed on it. TPG stumped up £150m in its own equity for the deal.

, while investors injected another £20m of cash into Republic back in 2011.

None of this is likely to bother Bondo. 'Forbes' estimates his fortune at $2.6bn (€1.9bn).

Irish Independent

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