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SAS falls on Estonian Air support, Ryanair down as Aer Lingus bid chances slim

SAS shares fell 5.3% as investors reacted to news the airline has lent money to Estonian Air, which signals its bid to buy the 34% stake in Estonian held by the government is alive. SAS previously announced plans to sell its 47.2% of Latvian airline airBaltic and investors would probably prefer the carrier do the same thing with Estonian.

Meanwhile, Ryanair CFO, Howard Millar, said the airline would "fold our tents and go elsewhere", if investors reject its second offer for Aer Lingus. The offer expires on 13-Feb-09. Investors marked down Ryanair by 3.6%, while Aer Lingus was virtually steady.

European selected airlines daily share price movements (% change): 21-Jan-09