This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at https://www.theguardian.com/business/2017/sep/14/ryanair-preparing-takeover-bid-alitalia-michael-oleary
The article has changed 3 times. There is an RSS feed of changes available.
| Version 1 | Version 2 |
|---|---|
| Ryanair is preparing takeover bid for Alitalia, says Michael O'Leary | Ryanair is preparing takeover bid for Alitalia, says Michael O'Leary |
| (about 1 month later) | |
| Ryanair is preparing a binding takeover bid for Italy’s bankrupt airline Alitalia but has no interest in the ailing German carrier Air Berlin, according to its chief executive, Michael O’Leary. | Ryanair is preparing a binding takeover bid for Italy’s bankrupt airline Alitalia but has no interest in the ailing German carrier Air Berlin, according to its chief executive, Michael O’Leary. |
| O’Leary said the Irish firm was finalising the details of a deal that would be just the second major acquisition in the no-frills airline’s 33-year history. | O’Leary said the Irish firm was finalising the details of a deal that would be just the second major acquisition in the no-frills airline’s 33-year history. |
| Alitalia’s brand and long-haul operations would survive the takeover but Ryanair, which prefers to own its aircraft, would jettison Alitalia’s model of leasing planes. | Alitalia’s brand and long-haul operations would survive the takeover but Ryanair, which prefers to own its aircraft, would jettison Alitalia’s model of leasing planes. |
| “We would have to order new planes, whether Boeing or Airbus,” said O’Leary. | “We would have to order new planes, whether Boeing or Airbus,” said O’Leary. |
| He said he hoped any deal would see Alitalia pilots and crew keep their jobs, but signalled that they would have to accept altered employment terms in line with Ryanair’s own. | He said he hoped any deal would see Alitalia pilots and crew keep their jobs, but signalled that they would have to accept altered employment terms in line with Ryanair’s own. |
| Alitalia was put up for sale earlier this year after the Italian government finally approved its collapse into administration, having pumped nearly £6bn into the company over a decade. | Alitalia was put up for sale earlier this year after the Italian government finally approved its collapse into administration, having pumped nearly £6bn into the company over a decade. |
| It followed a vote by employees to reject a rescue plan, which would have seen wages slashed in return for a further €2bn (£1.7bn) injection from shareholders, including Etihad, the Gulf airline, which owns 49%. | It followed a vote by employees to reject a rescue plan, which would have seen wages slashed in return for a further €2bn (£1.7bn) injection from shareholders, including Etihad, the Gulf airline, which owns 49%. |
| Air Berlin is also on the block but O’Leary said he had no interest in making a bid, repeating previous accusations that it was a stitch-up designed to make Lufthansa stronger. | Air Berlin is also on the block but O’Leary said he had no interest in making a bid, repeating previous accusations that it was a stitch-up designed to make Lufthansa stronger. |
| He said he expected EU competition authorities would demand substantial remedies in the event Lufthansa buys Air Berlin, with the carrier likely to have to give up slots on routes within Germany to preserve competition. | He said he expected EU competition authorities would demand substantial remedies in the event Lufthansa buys Air Berlin, with the carrier likely to have to give up slots on routes within Germany to preserve competition. |
| If the Alitalia deal proceeds, it would be Ryanair’s first successful takeover since it bought its rival Buzz from KLM in 2003. | If the Alitalia deal proceeds, it would be Ryanair’s first successful takeover since it bought its rival Buzz from KLM in 2003. |
| Ryanair was blocked by the European Union from acquiring Aer Lingus in 2013 after three failed attempts at swallowing its Irish compatriot. | Ryanair was blocked by the European Union from acquiring Aer Lingus in 2013 after three failed attempts at swallowing its Irish compatriot. |
| Ryanair | Ryanair |
| Airline industry | Airline industry |
| Italy | Italy |
| Europe | Europe |
| news | news |
| Share on Facebook | Share on Facebook |
| Share on Twitter | Share on Twitter |
| Share via Email | Share via Email |
| Share on LinkedIn | Share on LinkedIn |
| Share on Pinterest | Share on Pinterest |
| Share on Google+ | Share on Google+ |
| Share on WhatsApp | Share on WhatsApp |
| Share on Messenger | Share on Messenger |
| Reuse this content | Reuse this content |