Regional airline carrier Flybe has confirmed that it has received an offer from European airline Ryanair regarding Ryanair's proposed takeover of Aer Lingus, Ireland's national flag carrier.

According to Flybe, Ryanair has agreed to pay €100m and transfer a number of aircraft and operating routes to Flybe as part of a package of concessions it has submitted to the European Commission.

Under the terms of the proposed agreement, a new entity, would be set up, into which the €100m, liabilities and business assets would be transferred. Flybe would then acquire the entity.

Flybe stated that the proposal had not yet been approved by its board and would be subject to Flybe shareholder approval.

Previously, the European Commission had presented resistence to Ryanair's bid to by Aer Lingus, arguing that in doing so, Ryanair would create a monoply on about 46 routes and would creare antitrust issues on a further 20.

Flybe's share price was up 2.73% to 47p at 10:04 on Tuesday.

MF

Related share prices
Ryanair Holdings (RYA) share price
Aer Lingus Group (AERL) share price
Flybe Group (FLYB) share price