Ryanair Decision A Boost For Local Tourism

Ryanair Aer Lingus

The board of Swords based airline, Ryanair has voted unanimously to accept the IAG offer for the airline’s 29.8 per cent shareholding in Aer Lingus Group.
CEO, Michael O’Leary described the IAG offer for Aer Lingus as a ‘reasonable one’ and that Ryanair would return a small profit on the company’s investment in Aer Lingus over the past nine years.
The Ryanair board said it believes that the current IAG offer maximises Ryanair shareholder value. The airline said it will now vote in favour of the motion at the Aer Lingus extraordinary general meeting on Thursday.
The news was greeted warmly by tourism chiefs here in the North County, who see this as the remaining piece in the jigsaw that will benefit tourism locally and nationally. Proprietor of Tristar Travel in Skerries, Tom Walsh was delighted with the news. He told the County Leader, “IAG will now give Aer Lingus connections and openings across the world that they would never have had without this brand. This is good news for the country and it’s excellent news for Aer Lingus. It will promote UK business in particular, due to the British Airways connection, which can only be good for tourism in North County Dublin, it being the first point of call for visitors to Dublin Airport,” he said.
Speaking on the unanimous Ryanair vote to sell its share of Aer Lingus, paving the way for the airline to be acquired by IAG, Chief Executive of Fingal County Council, Paul Reid said, ‘The clarity that this vote gives is a positive for Dublin Airport and for tourism and business in the area. It has the potential to increase the number of routes and visitor capacity. Fingal County Council will launch the Dublin Enterprise Zone, to attract further foreign direct investment later this summer and this news is very encouraging for this project. It is also very timely, as the launch of the Fingal Tourism Strategy will be held on Tuesday, 14th July.’ The Ryanair approval comes two months after the Government agreed to sell its 25 per cent holding to IAG, which had launched a €1.36 billion takeover bid for Aer Lingus. European Union approval for the deal is now the last remaining hurdle to IAG’s plan to buy Aer Lingus.
Tony Lambert, CEO of Fingal Dublin Chamber also welcomed the news when he said, “This decision by Ryanair is another clear endorsement of the decision by Aer Lingus to agree the sale to IAG. We now have two highly successful airlines providing a very competitive service for Irish travellers as well as incoming tourists.”
He continued, “The connectivity between Dublin Airport and Heathrow is secured and the vast number of people travelling between Ireland and the UK can feel confident for the future,” he said.
The Ryanair board said it believes that the current IAG offer maximises Ryanair shareholder value. The airline said it will now vote in favour of the motion at the Aer Lingus extraordinary general meeting next Thursday. “We believe the IAG offer for Aer Lingus is a reasonable one in the current market and we plan to accept it, in the best interests of Ryanair shareholders,” commented Ryanair’s CEO Michael O’Leary. Minister for Transport, Paschal Donohoe said the Ryanair decision represented an important development in the future of Aer Lingus and points to a more secure future for the airline. He also said it was another important development in the extraordinary progress that Ryanair is making in European and Irish aviation. In a letter to Fine Gael MEP Brian Hayes, European Commissioner for Competition, Margrethe Vestager issued positive signals that the Commission will approve IAG’s takeover bid for Aer Lingus by 15th July.