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Flybe confirms agreement in principle with Ryanair over Aer Lingus concessions

6-Feb-2013 12:14 PM

Flybe Group plc confirmed (05-Feb-2013) it has reached an agreement in principle with Ryanair about the possible transfer of a number of aircraft and operating routes as part of a package of concessions Ryanair has submitted to the European Commission in light of Ryanair's efforts to gain EC approval for its offer for Aer Lingus GroupThe Ryanair-Flybe agreement provides for a new company to be incorporated into which the relevant business assets (including cash of EUR100 million) and liabilities would be transferred and which Flybe would then acquire. Flybe said: "The agreement has not been approved by the board of Flybe. It would also be subject to Flybe shareholder approval. The implementation of any agreement would be dependent, inter alia, on the status of Ryanair's offer for Aer Lingus; the outcome of the Commission's deliberations on the competition aspects of Ryanair's bid; and the agreement of a timetable for the implementation of the proposed remedies". Aer Lingus has resisted repeated attempts by 30% shareholder Ryanair to engineer a takeover. Ryanair has put forward a series of remedies to the EC, including handing over routes to Flybe and British Airways, in an effort to win approval for the Aer Lingus takeover bid. [more - original PR]