The Competition and Markets Authority Thursday said Ryanair Holdings PLC has withdrawn its final appeal over the requirement to reduce its shareholding in Aer Lingus Group PLC.
Last month, the Irish budget carrier sold its 29.8% stake in Aer Lingus to International Consolidated Airlines Group SA, which owns British Airways and Spanish airlines Iberia and Vueling, following the European Commission’s decision to clear IAG’s takeover bid for Aer Lingus and the granting of necessary approval from the UK Competition and Markets Authority.
Ryanair claimed in July that there had been a material change of circumstances since the CMA’s original decision requiring the airline to reduce its shareholding in Aer Lingus to 5%. Ryanair was typically forthright in its arguments to the regulator, calling the CMA’s decision “ridiculous” and “manifestly wrong” and saying it “flies in the face” of the current IAG takeover offer for Aer Lingus.
Full content: London South East
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