UK budget airline Ryanair has reportedly accepted the failure of its attempts to fully acquire Ireland rival Aer Lingus, according to the company’s CFO.
Ryanair’s Howard Millar spoke with reporters regarding the matter, and said that the failure may be “one of the best things that never happened.”
Ryanair made three attempts to acquire Aer Lingus since 2006. The European Commission blocked all of those buyout pursuits, however, and last year the former Competition Commission ordered Ryanair to divest its current ownership in Aer Lingus down to 5 percent.
Ryanair held 29.8 percent of the airline.
The Competition Commission’s order was denounced by Ryanair and it was appealed, but the Competition Appeal Tribunal backed regulators in the matter. Another appeal is currently pending with the European Commission.
Millar’s remarks about the buyout saga come sooner after he announced that he is stepping down from the position after 23 years with the company.
Full content: Independent
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.