Third Ryanair bid for Aer Lingus unlikely
Michael O'Leary expects Ryanair's profits to rise 'significantly' this year. Photo: Bloomberg News
Thursday September 24 2009
Ryanair Chief Michael O’Leary today said the company is "highly unlikely" to make another bid for Aer Lingus.
“I don’t believe we will make a third bid,” he said at the budget airline’s annual general meeting in Dublin today.
Mr O'Leary didn't rule out investing more money in the airline however.
Aer Lingus 'will come back to the existing shareholders which would be the Government, the trade unions and Ryanair presumably to raise some more money', he said.
Ryanair would be 'happy to invest more money in Aer Lingus', he went on to say.
The budget airline chief also told shareholders that he sees traffic targets being reduced to 66 million passengers a year, down from 67 million passengers a year. This is due to winter 2009/10 capacity cuts he said.
The Ryanair chief also said he expects profit to rise “significantly” this year, boosted by lower oil prices.
According to Mr O'Leary the company has hedged 90pc of fourth-quarter fuel requirements at $62 a barrel.
(Bloomberg)
