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Ryanair offer boosts Aer Lingus shares Ryanair offer boosts Aer Lingus shares
(about 6 hours later)
Aer Lingus shares have risen more than 20% following rival Ryanair's latest attempt to buy the airline. Aer Lingus shares rose more than 20% in early trading following rival Ryanair's latest attempt to buy the airline.
They were up 23 cents to 1.17 euros. But the shares are still well down on their peak of 3.27 euros, reached in 2007 shortly after their flotation. They were up as much as 23 cents to 1.17 euros. But this was still well down on their peak of 3.27 euros reached in 2007.
On Tuesday, Ryanair said it planned to make a cash offer for Aer Lingus, which would value it at 694m euros (£561m).On Tuesday, Ryanair said it planned to make a cash offer for Aer Lingus, which would value it at 694m euros (£561m).
Aer Lingus issued a statement urging shareholders to take no action following "a third unsolicited offer". Aer Lingus urged shareholders to take no action following Ryanair's third offer for the firm.
It said it noted the announcement by Ryanair of its intention to make an offer for the company, and said it would make a statement in due course. href="http://www.investegate.co.uk/Article.aspx?id=201206200700087328F" >It said in a short statement that it noted the announcement by Ryanair of its intention to make an offer for the company, and said it would make further comments in due course.
Ryanair's latest offer of 1.30 euros a share marks a premium of 38.3% above Tuesday's Aer Lingus closing price.Ryanair's latest offer of 1.30 euros a share marks a premium of 38.3% above Tuesday's Aer Lingus closing price.
But the fact that its share price has not risen to that offer price reflected concern that Ryanair, already Aer Lingus' largest shareholder, would not be allowed to buy it.
"There are a lot of unknowns that haven't been ironed out," said Alan Duff from Dublin stockbrokers NCB.
"People are waiting for more clarification on the anti-trust side of the deal."
On Friday, Ryanair's existing 30% holding was referred to the UK's Competition Commission for an inquiry that could lead to it being forced to sell the stake.On Friday, Ryanair's existing 30% holding was referred to the UK's Competition Commission for an inquiry that could lead to it being forced to sell the stake.
When Ryanair tried to buy its Irish rival in 2006, its attempt was blocked by the European Commission.When Ryanair tried to buy its Irish rival in 2006, its attempt was blocked by the European Commission.
The Irish government has agreed to sell a number of state assets as part of the terms of its international bailout and this could include its 25% stake in Aer Lingus.
Prime Minister Enda Kenny said the government had not yet considered Ryanair's offer and said it would not be forced into a "fire sale".
"The government would be concerned obviously in terms of competition, in terms of consumer facilities, in terms of price and access to the country," he told parliament.
Opposition leader Micheal Martin urged the government to fight the bid.
"The government, on all our behalves, should oppose this bid to protect competition and to protect consumers, and to ensure connectivity in this country," Mr Martin, the Fianna Fail leader, said.