LONDON (Alliance News) - Aer Lingus Group PLC Thursday welcomed the decision by the Irish government - the Dáil - to approve the sale of its shareholding in Aer Lingus to International Consolidated Airlines Group SA.
The Irish government gave its backing to IAG's EUR1.4 billion offer for Aer Lingus on Tuesday. The other step IAG still has to overcome is securing the support of Ryanair Holdings PLC, the budget carrier which holds a 29.8% stake in Aer Lingus.
"This is a compelling transaction for Aer Lingus, its shareholders, its employees, its customers and for Ireland. Shareholders will realise an attractive return through the premium that the IAG offer provides over the level of our share price immediately prior to the announcement of IAG's offer," said Chairman Colm Barrington in a statement.
Shares in Aer Lingus closed down 0.2% at EUR2.43, and IAG shares closed up 1.3% at 569.00 pence Thursday.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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International Airlines (IAG)