The tortuous journey to the £1 billion takeover of Aer Lingus by the British Airways owner IAG hit more turbulence today after Ryanair, which is sitting on a near-30 per cent blocking stake, indicated it would stall the process with a full-blown challenge to the UK competition authorities.
In its ongoing battle with the Competition and Markets Authority (CMA) over its role in the future ownership of Aer Lingus, Ryanair dismissed the agency’s position as “ridiculous” and “bogus”. Ryanair said it would again be appealing the CMA ruling.
At issue is a long-running legal tangle over the British competition authority’s insistence that the Irish budget carrier reduces its holding in the Irish flag carrier to 5 per cent from its current 29.8 per cent stake.