7th Mar 2014 17:22
LONDON (Alliance News) - Aer Lingus Group PLC Friday said it welcomes today's decision by the UK Competition Appeal Tribunal rejecting Ryanair's appeal against Competition Commission's decision to force Ryanair to sell down its minority stake.
In August, the CC issued a report showing 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 report also limited Ryanair's ability to acquire further shares in the future.
Ryanair appealed against the decision on a number of grounds, all of which were rejected on Friday.
In a separate statement, Ryanair said that it has instructed its lawyers to appeal the ruling to the UK Court of Appeal.
?Today?s CAT judgment is a key milestone on the path toward removing Ryanair from the Aer Lingus share register," Aer Lingus Chairman Colm Barrington said in a statement.
Ryanair shares closed down 2.1% at 7.34 pence, while Aer Lingus shares closed down 1.2% at 1.68 pence Friday.
By Tom McIvor; [email protected]; @TomMcIvor1
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