Dublin--International Airlines Group will issue a formal bid for Ryanair's near 30-percent stake in Aer Lingus within 28 days but will not increase the price offered, it said Wednesday.
"We're in the position now where we will be issuing the formal offer documents within 28 days," IAG chief executive Willie Walsh told a news conference in Dublin.
After months of deliberations, the Irish government announced on Tuesday it would sell its 25.1 percent stake in the former flag carrier to IAG, owner of British Airways and Spain's Iberia, after receiving assurances on the airline's future.
Walsh said he did not expect any direct discussions with Ryanair, which is the largest shareholder in Aer Lingus with a 29.8-percent holding.
He also ruled out any increase on the 2.55 euros per share offer, which values the airline at 1.36 billion euros ($1.7 billion).
Ryanair spokesman Robin Kiely told AFP that its board "will consider any offer on its merits, if and when an offer is made".
The budget airline, which has built-up at 29.8 percent stake in Aer Lingus, has launched three unsuccessful takeover attempts for its Irish rival.
It has fully written-down the cost of acquiring the Aer Lingus shares and has been ordered by the UK Competition and Markets Authority to reduce its stake to 5.0 percent.
AFP
