Dáil Éireann Debate, Wednesday - 14 January 2015
996. Deputy Thomas P. Broughan asked the Minister for Transport, Tourism and Sport the position regarding recent IAG bids for Aer Lingus; and his plans to protect the vital national connectivity assets of Aer Lingus. [49740/14]
View answerFollowing the announcements on 18 December and more recently on 9 January that IAG had made approaches to Aer Lingus about a possible offer for the company the Irish Takeover Panel has deemed that Aer Lingus is now in an 'offer period'. The Takeover Panel Rules in relation to communications apply to all parties during an offer period, including the Government as a shareholder, and all parties must apply the highest standards of care to any statements made on the matter. The State has a significant but, nonetheless, a minority shareholding in Aer Lingus – we own just over 25% of the shares. In 2012, the Government included this shareholding among the assets to be sold under the State Asset Disposal programme, but agreed that the stake would only be sold when market conditions were favourable and if acceptable terms and an acceptable price could be secured.
Currently, no formal offer has been made to Aer Lingus' shareholders. If an offer is made it will of course be given very careful examination before the Government takes any decision in relation to its shareholding. In late 2012, following a third hostile takeover bid for Aer Lingus, the Government indicated that we would not be prepared to sell the shareholding in circumstances which could significantly impact on competition and connectivity in the Irish market. Such considerations would also be foremost in our minds if a further offer is made for the company.
