RYANAIR'S board has voted unanimously to sell its majority stake in Aer Lingus to British Airways carrier International Airlines Group (IAG).
The decision clears the way for the group to take over the airline.
IAG successfully bid on the Irish Government’s stake in Aer Lingus back in May – and had been pursuing Ryanair’s shares since then.
Aer Lingus will hold its EGM on July 16, when Ryanair is expected to officially accept the offer from IAG.
Ryanair has a 29.8 per cent stake in Ireland’s national airline and has failed in three separate takeover bids, with Michael O’Leary having a single “Irish airline” in mind.
The budget airline has been the majority stakeholder in Aer Lingus since 2006 – with the Irish Government then owning 25 per cent of the shares.
If the sale of Ryanair’s stake goes ahead, IAG will have the vast majority of shares in Aer Lingus, at 54.9 per cent.
“We wish IAG well with their takeover of Aer Lingus,” Michael O’Leary said of the takeover.
“When Ryanair first bid for Aer Lingus in late 2006, Ryanair carried four times Aer Lingus' traffic.
“Today Ryanair carries more than 10 times Aer Lingus' traffic, and we will continue to deliver the vast majority of Ireland’s traffic and tourism growth in the coming months and years.”
The sale of Aer Lingus had caused concerns over Ireland no longer having a national airline.
The only hurdle remaining for IAG to take over the share is the European Union’s competition authorities, who are required to give the buyout the green light.
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