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Ryanair ruling 'ridiculous'

Ryanair is to appeal a ruling from the UK's competition authority to sell down the majority of its near 30pc stake in Aer Lingus.

The Competition and Markets Authority has issued a final ruling ordering that Ryanair sell down its stake to just 5pc, saying that it distorts competition.

A Ryanair spokesman this morning slated the decision as "ridiculous".

"Today's CMA decision is manifestly wrong and flies in the face of the current IAG offer for Aer Lingus," the spokesman said.

"Ryanair has instructed its lawyers to appeal today's ridiculous decision to the Competition Appeal Tribunal," he added.