28th Aug 2013 07:21
DUBLIN (Alliance News) - The UK regulators ordered Irish low cost airline Ryanair Holdings Plc (RYAAY, RYA.L) to sell down its 29.8 per cent stake in Aer Lingus Group plc (AERL.L) to 5 per cent. This will be accompanied by obligations on Ryanair not to seek or accept board representation or acquire further shares.
In its final report published, the regulators confirmed its provisional findings that Ryanair's minority shareholding had led or may be expected to lead to a substantial lessening of competition between the airlines on routes between Great Britain and Ireland.
Separately, Ryanair confirmed that it will appeal the UK Competition Commission or UKCC final report which wrongly found that Ryanair, through its 7 year old minority , 29.8%, shareholding in Aer Lingus, "had led or may be expected to lead to a substantial lessening of competition between the airlines on routes between Great Britain and Ireland".
Ryanair also noted that the baseless claim was manifestly disproven by 7 years of evidence and by the European Commission's recent ruling that competition between Ryanair and Aer Lingus has "intensified" since 2007.
Copyright RTT News/dpa-AFX
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