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Ireland's parliament clears Aer Lingus stake sale Ireland's parliament clears Aer Lingus stake sale
(about 11 hours later)
The Republic of Ireland's parliament has approved the sale of a stake in Aer Lingus to British Airways owner, IAG. The Republic of Ireland's parliament has approved the sale of its Aer Lingus stake to British Airways owner, IAG.
Irish lawmakers voted by 74 votes to 51 in favour of the deal.Irish lawmakers voted by 74 votes to 51 in favour of the deal.
Some MPS had expressed concern about the sale of the 25% stake, fearing that services between Irish airports and London's Heathrow could be cut. Some MPs had expressed concern about the sale of the 25% stake, fearing that services between Irish airports and London's Heathrow could be cut.
However on Tuesday, after months of negotiation, the government and IAG announced an agreement under which IAG promised to maintain routes. However, on Tuesday, after months of negotiation, the government and IAG announced an agreement under which IAG promised to maintain routes.
Under the deal IAG agreed to a legally binding commitment to maintain current services between Heathrow and Dublin, Cork and Shannon for at least seven years. Under the deal, IAG agreed to a legally binding commitment to maintain current services between Heathrow and Dublin, Cork and Shannon for at least seven years.
Also, Aer Lingus will operate its international passenger services under the Aer Lingus brand and its head office will remain in the Republic of Ireland.Also, Aer Lingus will operate its international passenger services under the Aer Lingus brand and its head office will remain in the Republic of Ireland.
In order to take complete control of Aer Lingus, IAG still needs to reach an agreement with the remaining big shareholder, Ryanair.In order to take complete control of Aer Lingus, IAG still needs to reach an agreement with the remaining big shareholder, Ryanair.
Ryanair, which holds a 29.8% stake, says it will consider a bid when it receives a formal offer.Ryanair, which holds a 29.8% stake, says it will consider a bid when it receives a formal offer.