International Airlines Group has secured support from the
Irish government for its takeover bid for Aer Lingus and has outlined its
strategy to grow Ireland’s national flag carrier.
In a statement released Tuesday, Ireland transport minister
Paschal Donohoe said IAG’s offer of €2.50 per share for the government’s 25
percent stake in Aer Lingus is “acceptable” and that the government is satisfied
with IAG’s plans for the carrier. The government has been negotiating with IAG,
the parent company of British Airways and Iberia since Aer Lingus’ board said in
January it would recommend IAG’s offer.
“The government has secured important guarantees in respect
of Ireland’s future connectivity, particularly to London Heathrow, on the
maintenance of Aer Lingus’ iconic brand and of its head office in Ireland,”
according to Donohoe. “IAG has set out ambitious growth plans for the company,
and the government is confident that supporting IAG’s offer for Aer Lingus is
the best way of securing Aer Lingus’ future in an increasingly competitive
global airline market.”
IAG’s offer will include legally binding commitments to maintain
Aer Lingus’ existing slots at London Heathrow and to preserve its brand and
Irish headquarters, Donohoe said. The offer also will commit IAG to using Dublin
as a “natural gateway hub” for transatlantic routes. By 2020, IAG could add
four new Aer Lingus destinations in North America, two as early as summer 2016.
To follow through on its bid, IAG still requires support
from Ryanair, which holds a 30 percent stake in Aer Lingus.