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Order HereInternational Airlines Group (IAG) will make a €1.4 billion ($1.5 billion) formal takeover bid for Aer Lingus, after winning crucial backing from the government of Ireland and the carrier’s board.
IAG has been courting Aer Lingus since last December, culminating in a third takeover proposal of €2.55 ($2.78) per share in January. Unlike the two earlier approaches, this received a favorable response from Aer Lingus, but was conditional on IAG securing support from the carrier’s two key shareholders: the government of Ireland and Ryanair.
Late Tuesday IAG announced it had agreed “the terms of a recommended cash offer” with both the Irish government and Aer Lingus by signing a transaction agreement which “containscertain assurances” for the future of Aer Lingus.
IAG has given “cast-iron guarantees” on Aer Lingus’ London Heathrow slots, protected by a single B share which will be held by the Irish government. Aer Lingus will maintain its current seasonal frequencies to Dublin, Cork and Shannon for at least seven years and its other Heathrow-Ireland links for at least five years. Aer Lingus will now convene an EGM to approve the connectivity resolutions.
“The independent Aer Lingus directors intend unanimously to recommend that Aer Lingus shareholders accept the offer,” IAG said. “The government of Ireland has stated that it supports the offer and the minister for finance of Ireland has confirmed that the general principles of the disposal of his shares in Aer Lingus will be laid before Dáil Éireann [the lower house of the Irish Parliament] for approval.”
Just a few hours earlier, Ryanair said it was waiting on a formal approach from IAG, adding that it would consider any deal on its merits. The offer document will be send to shareholders within 28 days. To succeed, the offer must be backed by at least 90% of Aer Lingus’ shareholders, which means that Ryanair’s buy-in will be pivotal. It will also require competition clearance from the European Commission.
Both IAG CEO Willie Walsh and Aer Lingus chairman Colm Barrington described the deal as “compelling,” adding that it will provide stronger transatlantic and regional connectivity for both Aer Lingus and IAG. “The company [Aer Lingus] will reap the commercial and strategic benefits of being part of the much larger and globally diverse IAG Group,” Barrington said.
Speaking during an analysts’ briefing Wednesday morning, Walsh confirmed the Aer Lingus brand and its Irish head office will be retained. IAG plans to develop Dublin as a transatlantic hub and Aer Lingus will re-join the oneworld alliance under its new ownership.
“Aer Lingus would add a fourth competitive, cost effective airline to IAG, enabling us to develop our network using Dublin as a hub between the UK, continental Europe and North America, generating additional financial value for our shareholders,” Walsh said.
The offer for 100% of Aer Lingus will be made by AERL Holding, a wholly owned IAG subsidiary, which has been created for the takeover. The directors of AERL Holding are Walsh, IAG CFO Enrique Dupuy and IAG general counsel Chris Haynes. AERL Holding plans to delist Aer Lingus from the Irish and London stock exchanges and re-register it as a private company.
IAG operates a combined fleet of 459 aircraft, handling over 77 million passengers and 897,000 tonnes of cargo across its three carriers, British Airways, Iberia and Vueling. Iberia will add a fleet of 48 Airbus aircraft and three Boeing 757s to the group. Together with its regional franchise operation, Aer Lingus carried over 11.1 million passengers in 2014, generating a €1.6 billion turnover.[vc_row][vc_column width=”1/1″][vc_cta_button2 h2=”DOWNLOAD COMPLETE REPORT” h4=”IAG – Aer Lingus Takeover Report” style=”square” txt_align=”center” title=”DOWNLOAD” btn_style=”square” color=”orange” size=”md” position=”bottom” link=”||”]
The report contains the following:
- Strategy Analysis
- Market Analysis
- Corporate Level Strategy
- Financial Analysis
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Order HereInternational Airlines Group (IAG) will make a €1.4 billion ($1.5 billion) formal takeover bid for Aer Lingus, after winning crucial backing from the government of Ireland and the carrier’s board.
IAG has been courting Aer Lingus since last December, culminating in a third takeover proposal of €2.55 ($2.78) per share in January. Unlike the two earlier approaches, this received a favorable response from Aer Lingus, but was conditional on IAG securing support from the carrier’s two key shareholders: the government of Ireland and Ryanair.
Late Tuesday IAG announced it had agreed “the terms of a recommended cash offer” with both the Irish government and Aer Lingus by signing a transaction agreement which “containscertain assurances” for the future of Aer Lingus.
IAG has given “cast-iron guarantees” on Aer Lingus’ London Heathrow slots, protected by a single B share which will be held by the Irish government. Aer Lingus will maintain its current seasonal frequencies to Dublin, Cork and Shannon for at least seven years and its other Heathrow-Ireland links for at least five years. Aer Lingus will now convene an EGM to approve the connectivity resolutions.
“The independent Aer Lingus directors intend unanimously to recommend that Aer Lingus shareholders accept the offer,” IAG said. “The government of Ireland has stated that it supports the offer and the minister for finance of Ireland has confirmed that the general principles of the disposal of his shares in Aer Lingus will be laid before Dáil Éireann [the lower house of the Irish Parliament] for approval.”
Just a few hours earlier, Ryanair said it was waiting on a formal approach from IAG, adding that it would consider any deal on its merits. The offer document will be send to shareholders within 28 days. To succeed, the offer must be backed by at least 90% of Aer Lingus’ shareholders, which means that Ryanair’s buy-in will be pivotal. It will also require competition clearance from the European Commission.
Both IAG CEO Willie Walsh and Aer Lingus chairman Colm Barrington described the deal as “compelling,” adding that it will provide stronger transatlantic and regional connectivity for both Aer Lingus and IAG. “The company [Aer Lingus] will reap the commercial and strategic benefits of being part of the much larger and globally diverse IAG Group,” Barrington said.
Speaking during an analysts’ briefing Wednesday morning, Walsh confirmed the Aer Lingus brand and its Irish head office will be retained. IAG plans to develop Dublin as a transatlantic hub and Aer Lingus will re-join the oneworld alliance under its new ownership.
“Aer Lingus would add a fourth competitive, cost effective airline to IAG, enabling us to develop our network using Dublin as a hub between the UK, continental Europe and North America, generating additional financial value for our shareholders,” Walsh said.
The offer for 100% of Aer Lingus will be made by AERL Holding, a wholly owned IAG subsidiary, which has been created for the takeover. The directors of AERL Holding are Walsh, IAG CFO Enrique Dupuy and IAG general counsel Chris Haynes. AERL Holding plans to delist Aer Lingus from the Irish and London stock exchanges and re-register it as a private company.
IAG operates a combined fleet of 459 aircraft, handling over 77 million passengers and 897,000 tonnes of cargo across its three carriers, British Airways, Iberia and Vueling. Iberia will add a fleet of 48 Airbus aircraft and three Boeing 757s to the group. Together with its regional franchise operation, Aer Lingus carried over 11.1 million passengers in 2014, generating a €1.6 billion turnover.[vc_row][vc_column width=”1/1″][vc_cta_button2 h2=”DOWNLOAD COMPLETE REPORT” h4=”IAG – Aer Lingus Takeover Report” style=”square” txt_align=”center” title=”DOWNLOAD” btn_style=”square” color=”orange” size=”md” position=”bottom” link=”||”]
The report contains the following:
- Strategy Analysis
- Market Analysis
- Corporate Level Strategy
- Financial Analysis
[/vc_cta_button2][/vc_column][/vc_row]
ARTICLE NOTES [RELATED] – STOCK WIDGET —> [SHORTCODE] – IMAGE CREDIT —> NAME – IMAGE SOURCE LINK —> Media Library – PRESS RELEASE —> [URL] USEFUL LINKS [GENERAL] – COMPANY PREMIUM PAGE —> [URL + CONTENT LOCKER/REGISTER] – PRESS CENTER —> [URL] – MEDIA LIBRARY —> [URL] – INVESTOR RELATION PAGE —> [URL]
ARTICLE NOTES [RELATED] – STOCK WIDGET —> [SHORTCODE] – IMAGE CREDIT —> NAME – IMAGE SOURCE LINK —> Media Library – PRESS RELEASE —> [URL] USEFUL LINKS [GENERAL] – COMPANY PREMIUM PAGE —> [URL + CONTENT LOCKER/REGISTER] – PRESS CENTER —> [URL] – MEDIA LIBRARY —> [URL] – INVESTOR RELATION PAGE —> [URL]
The information on this page may have been provided by a contributor and no guarantees can be made about the accuracy of any content. Contributors must obtain all necessary licenses and/or ownership rights from the relevant content owner(s) before submitting the same for publication. AIRLINE PARTNERSHIP disclaims all liability arising from the publication of content received from contributors. Please refer to our Disclaimer for more details.
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Order HereInternational Airlines Group (IAG) will make a €1.4 billion ($1.5 billion) formal takeover bid for Aer Lingus, after winning crucial backing from the government of Ireland and the carrier’s board.
IAG has been courting Aer Lingus since last December, culminating in a third takeover proposal of €2.55 ($2.78) per share in January. Unlike the two earlier approaches, this received a favorable response from Aer Lingus, but was conditional on IAG securing support from the carrier’s two key shareholders: the government of Ireland and Ryanair.
Late Tuesday IAG announced it had agreed “the terms of a recommended cash offer” with both the Irish government and Aer Lingus by signing a transaction agreement which “containscertain assurances” for the future of Aer Lingus.
IAG has given “cast-iron guarantees” on Aer Lingus’ London Heathrow slots, protected by a single B share which will be held by the Irish government. Aer Lingus will maintain its current seasonal frequencies to Dublin, Cork and Shannon for at least seven years and its other Heathrow-Ireland links for at least five years. Aer Lingus will now convene an EGM to approve the connectivity resolutions.
“The independent Aer Lingus directors intend unanimously to recommend that Aer Lingus shareholders accept the offer,” IAG said. “The government of Ireland has stated that it supports the offer and the minister for finance of Ireland has confirmed that the general principles of the disposal of his shares in Aer Lingus will be laid before Dáil Éireann [the lower house of the Irish Parliament] for approval.”
Just a few hours earlier, Ryanair said it was waiting on a formal approach from IAG, adding that it would consider any deal on its merits. The offer document will be send to shareholders within 28 days. To succeed, the offer must be backed by at least 90% of Aer Lingus’ shareholders, which means that Ryanair’s buy-in will be pivotal. It will also require competition clearance from the European Commission.
Both IAG CEO Willie Walsh and Aer Lingus chairman Colm Barrington described the deal as “compelling,” adding that it will provide stronger transatlantic and regional connectivity for both Aer Lingus and IAG. “The company [Aer Lingus] will reap the commercial and strategic benefits of being part of the much larger and globally diverse IAG Group,” Barrington said.
Speaking during an analysts’ briefing Wednesday morning, Walsh confirmed the Aer Lingus brand and its Irish head office will be retained. IAG plans to develop Dublin as a transatlantic hub and Aer Lingus will re-join the oneworld alliance under its new ownership.
“Aer Lingus would add a fourth competitive, cost effective airline to IAG, enabling us to develop our network using Dublin as a hub between the UK, continental Europe and North America, generating additional financial value for our shareholders,” Walsh said.
The offer for 100% of Aer Lingus will be made by AERL Holding, a wholly owned IAG subsidiary, which has been created for the takeover. The directors of AERL Holding are Walsh, IAG CFO Enrique Dupuy and IAG general counsel Chris Haynes. AERL Holding plans to delist Aer Lingus from the Irish and London stock exchanges and re-register it as a private company.
IAG operates a combined fleet of 459 aircraft, handling over 77 million passengers and 897,000 tonnes of cargo across its three carriers, British Airways, Iberia and Vueling. Iberia will add a fleet of 48 Airbus aircraft and three Boeing 757s to the group. Together with its regional franchise operation, Aer Lingus carried over 11.1 million passengers in 2014, generating a €1.6 billion turnover.[vc_row][vc_column width=”1/1″][vc_cta_button2 h2=”DOWNLOAD COMPLETE REPORT” h4=”IAG – Aer Lingus Takeover Report” style=”square” txt_align=”center” title=”DOWNLOAD” btn_style=”square” color=”orange” size=”md” position=”bottom” link=”||”]
The report contains the following:
- Strategy Analysis
- Market Analysis
- Corporate Level Strategy
- Financial Analysis
[/vc_cta_button2][/vc_column][/vc_row]
ARTICLE NOTES [RELATED] – STOCK WIDGET —> [SHORTCODE] – IMAGE CREDIT —> NAME – IMAGE SOURCE LINK —> Media Library – PRESS RELEASE —> [URL] USEFUL LINKS [GENERAL] – COMPANY PREMIUM PAGE —> [URL + CONTENT LOCKER/REGISTER] – PRESS CENTER —> [URL] – MEDIA LIBRARY —> [URL] – INVESTOR RELATION PAGE —> [URL]
ARTICLE NOTES [RELATED] – STOCK WIDGET —> [SHORTCODE] – IMAGE CREDIT —> NAME – IMAGE SOURCE LINK —> Media Library – PRESS RELEASE —> [URL] USEFUL LINKS [GENERAL] – COMPANY PREMIUM PAGE —> [URL + CONTENT LOCKER/REGISTER] – PRESS CENTER —> [URL] – MEDIA LIBRARY —> [URL] – INVESTOR RELATION PAGE —> [URL]
The information on this page may have been provided by a contributor and no guarantees can be made about the accuracy of any content. Contributors must obtain all necessary licenses and/or ownership rights from the relevant content owner(s) before submitting the same for publication. AIRLINE PARTNERSHIP disclaims all liability arising from the publication of content received from contributors. Please refer to our Disclaimer for more details.