News Summary: EU blocks Ryanair bid for Aer Lingus
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Source: Business News
Originally published: Feb 27, 2013 - 9:25 am
Originally published: Feb 27, 2013 - 9:25 am
(AP) - SHOT DOWN: The European Union's antitrust authority blocked Ryanair's renewed bid to take over rival Irish carrier Aer Lingus, ruling it would undermine competition and drive up ticket prices.
PLAYING MONOPOLY: The EU Commission said the merger of the two airlines would have created a monopoly or dominant position on almost 50 routes where Aer Lingus and Ryanair currently compete.
HIGH HOPES: Ryanair hoped Ireland would sell its stake in Aer Lingus, since the debt-burdened government is seeking to sell billions in state assets as part of its effort to exit a 2010 international bailout.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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