Aer Lingus shareholders make way for IAG buyout

EGM approves sale
EGM approves sale

Irish flag carrier Aer Lingus shareholders have cleared the way for a takeover by International Airline Group.

In an extraordinary general meeting, they passed four resolutions - including two on connectivity guarantees - which will allow the f1.3 billion (£915 million) deal go ahead.

The move comes two days after the European Commission also approved the proposed acquisition by IAG, the owner of British Airways.

The commission had expressed its concerns about fair competition but the deal was given the green light after IAG agreed to release five daily slot pairs at London Gatwick airport.

Aer Lingus will also continue to carry connecting passengers to the long-haul flights of competing airlines.

A small number of pensioners objecting to cuts protested outside the EGM in Dublin.

IAG, which also owns Spanish airline Iberia, launched its takeover bid for Aer Lingus in January.

Last week Ryanair agreed to sell its nearly 29.8 per cent stake in Aer Lingus.

The passing of the resolutions now clears the way for the Irish government to sell its 25 per cent stake in the airliner. It agreed to the sale after heated debate in the Dail and union opposition.

Shareholders had until 5pm to accept IAG’s offer of f2.55 per share.