IAG welcomes EU clearance for Aer Lingus takeover

International Consolidated Airlines Group has welcomed the decision by the European Commission to approve its offer for Aer Lingus, after it agreed to make some concessions to assuage concerns about competition.

As part of the regulatory process, IAG has said that five daily slot pairs will be made available to other airlines at London Gatwick for flights between the airport and Dublin or Belfast.

Specifically, two of the five daily frequencies must be operated between Gatwick and Dublin, while one daily frequency must be operated between Gatwick and Belfast.The other two frequencies can be operated between Gatwick and either Dublin or Belfast.

IAG, which owns British Airways and Iberia, said other airlines can apply for seats on Aer Lingus’ short-haul network for their transfer passengers, on normal commercial terms.

Following the news, the Competition and Markets Authority said it was granting Ryanair approval to sell its 29.8% stake to IAG.

Ryanair had appealed against the CMA’s decision last month that there was no material change of circumstances for it not to require Ryanair to reduce its shareholding in Aer Lingus to 5%.

Ryanair announced last Friday that it had agreed to sell its stake in Aer Lingus to IAG.

Aer Lingus voters are due to vote on Thursday on whether to accept IAG’s €1.36bn takeover offer.

At 12:43, IAG shares were down 0.1% at 551.50p.