IAG:

In a move bound to drive British Airways and its Irish CEO nuts, Ryanair has launched a surprise takeover bid for Aer Lingus. The deal values Aer Lingus at 1.48bn euros (1.9bn dollars). Predictably, the spin started immediately. “This offer represents a unique opportunity to form one strong airline group for Ireland and for European consumers. We will expand, enhance and upgrade the Aer Lingus operations,” said Ryanair Chief Executive Michael O’Leary in a statement. “This offer, if successful,means both companies will continue to operate separately and compete vigorously in the small number of routes on which we both operate, currently around 17 of the approximately 500 routes operated by the two airlines,” he added.