'White knight' to thwart Ryanair bid for Aer Lingus
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A low-profile Irish businessman has emerged as a potential white knight for Aer Lingus.
It is understood that Wicklow-born Stuart Pearson (24), who has amassed millions from extensive property interests both at home and abroad, is considering taking a sizeable stake in the carrier in an effort to thwart Ryanair's €748m hostile bid.
Sources said that Mr Pearson could be content with a 20pc stake, which based on yesterday's share price would cost in the region of €153m, but an outright bid has not been ruled out.
Ryanair owns almost 30pc of Aer Lingus, while the Government has a 25.1pc holding.
Earlier this month Ryanair boss Michael O'Leary launched his second bid in two years to buy Aer Lingus, tabling an offer that's half what he initially made in 2006.
The Government opposed Ryanair's first tilt at Aer Lingus, but has taken a more neutral stance this time around.
Rejected
The Aer Lingus board has unilaterally rejected the takeover attempt, with chairman Colm Barrington and chief executive Dermot Mannion dismissing Ryanair's claims that the former state-owned airline faces a bleak future if it insists on remaining an independent carrier in the face of industry-wide consolidation.
Mr Mannion and Mr O'Leary will separately answer questions this morning from a joint Oireachtas transport committee that is attempting to tease out the issues surrounding the takeover bid.
Ryanair has pledged to hand control of the all-important Aer Lingus landing slots at Heathrow to the Oireachtas if his attempt to buy the airline is successful.
Mr Pearson declined to make any comment on the Aer Lingus move.
- John Mulligan
