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Aer Lingus shares jump on takeover report Aer Lingus rejects takeover bid by BA owner IAG
(35 minutes later)
Shares in the airline Aer Lingus have jumped after a report in the Financial Times said that British Airways-owner IAG was considering a takeover offer. British Airways owner IAG says that the Irish carrier Aer Lingus has rejected a takeover offer.
The paper, quoting sources close to the situation, said a deal could come before Christmas. In a statement, IAG confirmed that it had submitted an offer and that it had been rejected by Aer Lingus.
A takeover would require the backing of Ryanair and the Irish government, as they both hold stakes in the company. Earlier, Aer Lingus shares had jumped 14% after the Financial Times reported that IAG was considering a bid.
For IAG, which also owns Iberia, buying Aer Lingus would give it valuable access to landing slots at Heathrow. A deal would have given it valuable access to landing slots at Heathrow, as Aer Lingus is the third-biggest airline at the airport.
The Irish carrier is the third-biggest airline at Heathrow. Any takeover would require the backing of Ryanair and the Irish government, as they both hold stakes in the company.
At 1500 GMT, Aer Lingus shares were up nearly 14% at €2.07. IAG, which also owns Iberia and the low-cost airline Vueling, said that there could be no certainty that a further proposal would be forthcoming and that another statement would be made "if and when appropriate".
Aer Lingus operates a fleet of 47 Airbus aircraft and carries more than 10.6 million passengers a year.