Shares in Aer Lingus rise sharply as Ryanair willing to submit more concessions
SHARES in Aer Lingus rose sharply this morning on heavy trading amid speculation that Ryanair will make more concessions in its quest to takeover the airline.
By 11.30 the stock was up more than 2pc at €1.23, its highest price in more than a year.
Last year Ryanair bid for Aer Lingus at about €1.30 a share but the former national carrier’s stock has not come close to that level until this week.
Competition authorities in the EU have twice blocked Ryanair from taking over Aer Lingus on competition grounds and up to know investors have expected the same outcome for this bid.
Yesterday however EU competition commissioner Joaquin Almunia said Ryanair would be making renewed efforts to ease potential competition issues “in the coming days”. Michael O’Leary’s airline has already offered to sell off most of Aer Lingus’s landing slots in London’s Heathrow.