Ryanair quits plan to buy Aer Lingus
22 December 2006No frills airline Ryanair yesterday withdrew its ambitious bid to take over Ireland’s national carrier Aer Lingus after the European Commission announced an “‘in-depth investigation'” into its plans.
Following the announcement Ryanair said the buyout automatically lapsed under takeover rules – but the company still intends to make a further offer for Aer Lingus if the EC review clears the way.
Dublin-based Ryanair launched its £1 billion bid in October – a takeover offer which Aer Lingus asked shareholders to reject.
source: The Birminghan Post
