Ryanair Holdings plc said it acquired 16 percent of rival Aer Lingus Group plc

and "announces its intention to make an all cash offer" for rest. The offer totals € 1.48 billion (US$1.88 billion) "and represents a unique opportunity to form one strong airline group for Ireland and for European consumers," said Ryanair CEO Michael O'Leary. Already Europe's largest carrier by passenger count, Ryanair said it would maintain two distinct brands and operations, and also "upgrade Aer Lingus’ transatlantic fleet and improve its long-haul product." The Irish government, which owns a one-third of Aer Lingus, cited competition concerns when it said it would not sell its stake, according to a Reuters report.