Dáil Éireann Debate, Tuesday - 20 January 2015
592. Deputy Micheál Martin asked the Minister for Transport, Tourism and Sport if he or his Department has concerns regarding an IAG monopoly if the sale of Aer Lingus goes ahead; and if he will make a statement on the matter. [2215/15]
View answer618. Deputy Michael McGrath asked the Minister for Transport, Tourism and Sport his plans to ensure that the Aer Lingus slots at Heathrow Airport are retained in any scenario where the company is taken over; if he will use the State's shareholding to ensure the Heathrow slots are retained for the benefit of Cork, Shannon and Dublin; and if he will make a statement on the matter. [2818/15]
View answerI propose to take Questions Nos. 592 and 618 together.
Following 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 – with 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 it 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.
