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| Ireland sells Aer Lingus stake to IAG | Ireland sells Aer Lingus stake to IAG |
| (35 minutes later) | |
| The Irish government has agreed to sell its 25% stake in Aer Lingus to IAG, the owner of British Airways. | The Irish government has agreed to sell its 25% stake in Aer Lingus to IAG, the owner of British Airways. |
| The board of the Irish airline is also recommending IAG's €1.36bn (£961m) takeover offer for Aer Lingus. | The board of the Irish airline is also recommending IAG's €1.36bn (£961m) takeover offer for Aer Lingus. |
| While the Irish government is now supporting the takeover offer, the other big shareholder in Aer Lingus, Ryanair, is yet to make a decision. | While the Irish government is now supporting the takeover offer, the other big shareholder in Aer Lingus, Ryanair, is yet to make a decision. |
| Ryanair chief executive Michael O'Leary recently said his company would consider any offer from IAG. | Ryanair chief executive Michael O'Leary recently said his company would consider any offer from IAG. |
| A spokesperson for Ryanair, which owns a 29.8% stake in Aer Lingus, said on Tuesday: "The board of Ryanair has yet to receive any offer, and will consider any offer on its merits, if and when an offer is made." | |
| Legally binding | |
| Last year Aer Lingus rejected two takeover offers from IAG saying they undervalued the business. | |
| There was also opposition to the IAG offer from Irish MPs who were concerned that services between Irish airports and London's Heathrow might be cut. | |
| However under Tuesday's deal, IAG has agreed to a legally binding commitment to maintain current services between Heathrow and Dublin, Cork and Shannon for at least seven years. | |
| In a statement, Aer Lingus chairman Colm Barrington said: "This is a compelling transaction for Aer Lingus, its shareholders, its employees, its customers and for Ireland. | |
| "The company will reap the commercial and strategic benefits of being part of the much larger and globally diverse IAG Group." |