Stock Market News
Ryanair considers Cyprus Airways takeover
21-08-2014 13:10
Add To Google +1 | Tweet |
Ryanair chief executive (CEO) Michael O'Leary will travel to Cyprus on Thursday to hold talks with the local government regarding the potential takeover of Cyprus Airways.
The airline, now controlled by the Cypriot government, has been operating at a loss for years and it was recently forced to offset assets, including its slots at Heathrow airport, in order to stay afloat.
In July, almost 20 companies, including Ryanair, submitted a non-binding expression of interest in the carrier, even though O'Leary said that his company wasn't particularly interested in taking over the Cyprus-based airliner.
"We are engaged in the process and hope something will come of it. It's a very political process down there," O'Leary told a news conference in Dublin on Thursday.
The Ryanair CEO added that under the group's proposal, Cypriot Airways, which is currently under investigation by the European commission for a £25m capital increase in 2013, would operate under a different air operator's certificate than Ryanair and it would also retain its own brand.
O'Leary said Ryanair could boost Cypriot Airways' passengers to about 3m a year, which would be a significant growth from the current figure of 600,000, which represents a 50% decline from peak value.
In its 29-year history, Ryanair has only ever taken control of another airline, when it completed the takeover of Buzz in April 2003, incorporating it into the Ryanair brand.
Ryanair shares were down 0.22% to €6.81 at 12:52 on Thursday.
DC
The airline, now controlled by the Cypriot government, has been operating at a loss for years and it was recently forced to offset assets, including its slots at Heathrow airport, in order to stay afloat.
In July, almost 20 companies, including Ryanair, submitted a non-binding expression of interest in the carrier, even though O'Leary said that his company wasn't particularly interested in taking over the Cyprus-based airliner.
"We are engaged in the process and hope something will come of it. It's a very political process down there," O'Leary told a news conference in Dublin on Thursday.
The Ryanair CEO added that under the group's proposal, Cypriot Airways, which is currently under investigation by the European commission for a £25m capital increase in 2013, would operate under a different air operator's certificate than Ryanair and it would also retain its own brand.
O'Leary said Ryanair could boost Cypriot Airways' passengers to about 3m a year, which would be a significant growth from the current figure of 600,000, which represents a 50% decline from peak value.
In its 29-year history, Ryanair has only ever taken control of another airline, when it completed the takeover of Buzz in April 2003, incorporating it into the Ryanair brand.
Ryanair shares were down 0.22% to €6.81 at 12:52 on Thursday.
DC
Related share prices |
---|
Ryanair Holdings (RYA) share price |
Stock News is provided by Digital Look Corporate Solutions from Sharecast news. Please read the terms and conditions of useage of this data. Republication or redistribution of content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Digital Look Ltd.
Get a free widget for your website with our latest headlines.
You can now add our live prices and new headlines to your website.The news widget features quotes for Oil prices, spot Gold price and Indices plus a choice of news channel for healines.
Top Shares pages
- Share price quotes
- Share charts
- Share watch list
- Company Results Calendar
- Top Large UK Shares
- UK Market Sectors
- Stock market news
- Company news
- Share tips
- A-Z company search
More share features
POPULAR Share Prices
- Royal Mail share price
- Lloyds share price
- HSBC share price
- Barclays share price
- Prudential share price
- Santander share price
- RBS share price
- Diageo share price
- Standard Life Share Price
- BP share price
- Vodafone share price
- British Airways
- Centrica share price
- Tesco share price
- Taylor Wimpey Share Price
- National Grid
- GKP Share Price
- Marks and Spencer
- Rolls Royce
- Rio Tinto
- Morrisons Share Price
- Aviva Share Price
- LGO Share price
- Tullow Oil Share Price
- SXX Share Price
- Easyjet Share Price
- Next Share Price
- Thomas Cook Share Price
- SSE Share Price
- IAG Share Price
- Bat share price
- Monitise Share Price
- Kingfisher share price
- Dragon Oil share price
- UKOG share price
- SOLG share price