Wednesday 22 November 2017

Week 21: Departing Noonan will launch €3bn AIB share sale this week

Finance Minister Michael Noonan. Photo: Bloomberg
Finance Minister Michael Noonan. Photo: Bloomberg
Donal O'Donovan

Donal O'Donovan

It's a major week on the home front, with Taoiseach Enda Kenny and Finance Minister Michael Noonan set to depart the political front-line after the results of the Fine Gael leadership contest are announced on Friday.

The pair have been the dominant figures in public office since 2011.

Before they go, Mr Noonan is widely expected to pull the last, formal, lever for the long flagged AIB share sale. He'll most likely announce the intention to float on Wednesday after adoption by Cabinet tomorrow.

That will set in train a formal process of investor roadshows, publication of a prospectus and bookbuilding that culminates in the sale of around 25pc of the bank's shares at the end of June.

Elsewhere, the UK election campaign will kick up a gear, with a round of leaders' interviews this week and at least one head-to-head between Conservative prime minister Theresa May and Labour leader Jeremy Corbyn on BBC's 'Question Time' on Friday.

On the corporate front, this week's AGMs include Applegreen (today), Ires REIT (tomorrow) and Hostelworld (Thursday).

Under-pressure bakery giant Aryzta is due to report financial results for its third quarter tomorrow, the first since the group announced that DAA chief Kevin Toland will join as CEO later in the year.

Also tomorrow, Ryanair is due to publish its full-year results for 2016, with full-year net profits expected to be up about 6pc to €1.3bn.

Goodbody Stockbrokers thinks the company could announce plans to buy back up to €800m worth of shares when it publishes the results.

Ryanair shares hit an all-time high on Friday, despite boss Michael O'Leary's repeated warnings that Brexit could hit European traffic next year.

Irish Independent

Promoted Links

Business Newsletter

Read the leading stories from the world of Business.

Promoted Links

Also in Business