PUBLISHED: 10:45, 26 January 2015 | UPDATED: 10:50, 26 January 2015
- IAG has offered €2.55 a share for Aer Lingus, valuing the firm at £1billion.
- The owner of BA and Iberia is keen to expand in Heathrow even though the airport is nearly full already.
- The three airlines would control 56% of landing slots between them.
- But the deal could be scuppered by the Irish government or Ryanair
The owner of British Airways today launched a £1billion takeover bid for Aer Lingus in an attempt to secure valuable take-off and landing slots at Heathrow Airport.
IAG, which currently owns BA and Iberia, has offered a deal worth €2.55 a share, or €1.36billion in total, to buy Ireland’s national airline.
The company is keen to secure more space at the UK’s biggest airport, which is almost full to capacity – meaning that landing slots are now worth millions of pounds.
But the deal could be scuppered by the Irish government, which may block the move for political reasons, or by Ryanair, whose combative boss Michael O’Leary has long been trying to buy Aer Lingus.
IAG, which currently owns BA and Iberia, has offered a deal worth €2.55 a share, or €1.36billion in total, to buy Ireland’s national airline.
The company is keen to secure more space at the UK’s biggest airport, which is almost full to capacity – meaning that landing slots are now worth millions of pounds.
But the deal could be scuppered by the Irish government, which may block the move for political reasons, or by Ryanair, whose combative boss Michael O’Leary has long been trying to buy Aer Lingus.
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The company’s chief executive, Willie Walsh, was previously in charge at Aer Lingus before moving across the Irish Sea and joining BA.
As well as the potential for efficiency savings by bringing Aer Lingus into a larger group, IAG is keen to expand its grip on Heathrow, where it is already by far the largest operator.
BA controls more than half the landing slots at the airport, according to the latest available figures, and if it were combined with Aer Lingus and Iberia, IAG would have 56 per cent of all flights coming into and going out of Heathrow.
As well as the potential for efficiency savings by bringing Aer Lingus into a larger group, IAG is keen to expand its grip on Heathrow, where it is already by far the largest operator.
BA controls more than half the landing slots at the airport, according to the latest available figures, and if it were combined with Aer Lingus and Iberia, IAG would have 56 per cent of all flights coming into and going out of Heathrow.
A FIVE-YEAR GUARANTEE that Aer Lingus’s valuable Heathrow landing slots won’t be shifted away from Irish routes after a sale is “entirely unacceptable”, according to the hotels lobby. Irish Hotels Federation chief executive Tim Fenn said any buyout of the Irish airline by British Airways parent company IAG had “enormous implications. More than 100 MPs from across the political divide are urging ministers to review the allocation of take-off and landing slots at airports such as Heathrow. Also owns Aer Lingus and Spanish. Aer Lingus owns 23 pairs of take-off and landing slots at Heathrow, which will make the airline increasingly attractive to potential buyers. These slots had been widely valued at between?5m to. Palate of finishes and colours inspired by the Irish landscape, all continuing the theme of the Dublin Aer Lingus flagship lounge. A special feature of the new T2 Heathrow Lounge is the 5m high external glass wall offering relaxing views to the airfield.
f the three airlines joined forces, they would account for 51.6 per cent of passengers passing through the airport.
Because Heathrow is running at almost full capacity, the only ways for an airline to expand its offerings at the airport are to trade in landing slots – worth several millions of pounds each – or to buy up a rival.
Because Heathrow is running at almost full capacity, the only ways for an airline to expand its offerings at the airport are to trade in landing slots – worth several millions of pounds each – or to buy up a rival.
Aer Lingus is currently the fourth busiest operator at the airport, behind BA, Lufthansa and Virgin Atlantic, running up to 22 flights a day between Heathrow and Dublin.
Heathrow could expand if a third runway is built, but the issue is politically controversial and no decision will be made on the matter until after the general election in May.
Analysts suggested today that the IAG bid was likely to be accepted – but the Irish government could still step in to veto any deal. Ano ang dealer sa casino buffet.
Heathrow could expand if a third runway is built, but the issue is politically controversial and no decision will be made on the matter until after the general election in May.
Analysts suggested today that the IAG bid was likely to be accepted – but the Irish government could still step in to veto any deal. Ano ang dealer sa casino buffet.
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Aer Lingus is 25 per cent state-owned, despite the Irish government’s promise to privatise it fully as part of the EU bailout deal struck in 2010.
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Politicians are keen to safeguard the airline’s 3,900 workers, most based in Dublin, as well as ensuring that there is no decrease in the number of flights between Ireland and London.
Deputy prime minister Joan Burton said yesterday:
Grosvenor casino newcastle poker tournament. What we will want to do as a government, and what’s absolutely important, is to protect these slots and the connections of direct flights in and out of Ireland.
The country’s opposition has called on the government to rule out any sale, while trade union IMPACT warned that a takeover would pose ‘significant risk’ to the Irish economy as a whole.
Another potential hurdle is Ryanair, Ireland’s budget short-haul carrier, which owns a 30 per cent stake in Aer Lingus following a series of unsuccessful attempts to buy the airline outright.
Chief executive Michael O’Leary, known for his outspoken manner and aggressive attitude towards his customers, said last week he was open to considering a bid for Ryanair’s stake.
Aer Lingus shares rose by 3.8 per cent this morning, peaking at €2.44, while shares in IAG were up by 3.5 per cent.
Aer Lingus shares rose by 3.8 per cent this morning, peaking at €2.44, while shares in IAG were up by 3.5 per cent.
IAG, which wants to buy the State’s 25.1% stake in Aer Lingus, submitted a proposal to the Government’s review group yesterday that included legally binding commitments.
These included a guarantee that the 23 slots controlled by Aer Lingus at Heathrow cannot be sold, including to IAG airlines. IAG also pledged that Aer Lingus’ name, head office location, or place of incorporation in the Republic cannot be changed and in addition, said it is prepared to offer a further commitment to operate the slots on Irish routes for five years.
According to a source close to the Government’s review group, the proposal would for the first time give Cork and Shannon chambers of commerce, as well as other local organisations, a role in deciding the future of Aer Lingus flights to Heathrow from Cork and Shannon airports.
As it stands, there is no veto power to prevent Aer Lingus leasing one of its Heathrow slots to another airline. IAG’s proposal would guarantee these slots for five years. According to the review group source, the Government could potentially secure a longer guarantee.
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The inclusion of local Cork and Shannon organisations in future decision making is an attempt to allay concerns about the future of the prized Heathrow slots.
IAG said it considers Aer Lingus flights from Cork, Shannon, and Dublin as potentially a lucrative source of business for its worldwide network of flights that operate out of Heathrow.
Moreover, IAG chief Willie Walsh said the international nature of the group would see more transatlantic flow through Dublin due to its US immigration pre-clearance facilities.
However, IAG’s commitments did not appease opponents of the takeover bid.
Fianna Fáil transport spokesman Timmy Dooley said: “The offer put on the table this afternoon is more aspirational than it is concrete. In fact, IAG will have no control over any commitments given, if it is bought out by another company, and given that Qatari Airlines recently acquired a 10% stake in IAG, that prospect is a real possibility.
“If it is the case that IAG is the subject of a successful takeover bid, the effective management of Aer Lingus would be transferred to the new parent company and any assurances given by IAG on employment and connectivity would be weakened, or even rendered null and void.”
Impact national secretary Matt Staunton said: “A commitment not to sell the Heathrow slots is no guarantee that the use of the slots wouldn’t change. IAG would be able to change the use of these slots as they pleased, including a transfer of use to another airline, without having to sell them. What really stands out in the statement by IAG is the complete absence of any reference to jobs.”
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Jobs Minister Richard Bruton said there was a lot at stake for the Government because all of country’s industries depended on access and connection.
The issue goes before the Oireachtas transport committee today.