DUBLIN, Ireland & LONDON--(BUSINESS WIRE)--
Aer Lingus Group plc
ISE: EIL1 LSE: AERL
UK Competition Appeal Tribunal rejects Ryanair’s challenge to the Competition Commission’s decision forcing Ryanair to sell-down minority stake in Aer Lingus
Dublin & London, 7 March 2014: Aer Lingus Group plc (“Aer Lingus”) welcomes today’s decision by the UK Competition Appeal Tribunal ("CAT") rejecting Ryanair's appeal against the UK Competition Commission's (“CC”) decision that Ryanair must sell down its 29.82% stake in Aer Lingus to 5%.
On 28 August 2013 the CC issued its Final Report concluding its investigation into Ryanair’s minority shareholding in Aer Lingus. Following a detailed investigation the CC found that Ryanair’s shareholding in Aer Lingus is anti-competitive and that it must sell down its 29.82% stake in Aer Lingus to 5%. The CC’s Final Report also limits Ryanair’s ability to re-acquire shares.
Ryanair appealed the CC’s Final Report on a number of grounds, all of which have been rejected by the CAT today.
This decision represents the latest in an even longer line of judgments adverse to Ryanair in its attempts to prevent the UK competition authorities reviewing its minority shareholding in Aer Lingus.
Colm Barrington, Chairman of Aer Lingus, said:
“Today’s CAT judgment is a key milestone on the path toward removing Ryanair from the Aer Lingus share register.”
|Investors & Analysts|
|Declan Murphy||Aer Lingus Investor Relations||Tel:||+353 1 886 2228|
|Jonathan Neilan||FTI Consulting||Tel:||+353 1 663 3686|
|Declan Kearney||Aer Lingus Communications||Tel:||+353 1 886 3662|
|Matthew Fletcher||Powerscourt||Tel:||+44 207 250 1446|
|Sheila Gahan||Wilson Hartnell Public Relations||Tel:||+353 87 234 2409|
|Brian Bell||Wilson Hartnell Public Relations||Tel:||+353 87 243 6130|