Response To UK Competition Commission Findings On Ryanair And Aer Lingus
The final report issued by the UK Competition Commission can be found at http://www.competition-commission.org.uk/assets/competitioncommission/docs/2012/ryanair-aer-lingus/130828_ryanair_final_report.pdf
Notes to Editors
- A landmark finding by the UK Competition Commission (CC) has been published today concluding that Ryanair's 29.82% stake in Aer Lingus enables it to materially influence the commercial policy and strategy of its competitor. The UK Competition Commission is now requiring Ryanair to sell down most of its stake to 5% to remedy this anticompetitive situation.
- Ryanair's presence on the Aer Lingus share register for the last seven years has been contrary to the interests of the 14 million passengers who fly on routes between the island of Ireland and Great Britain. In addition, it has been an impediment to Aer Lingus' ability to engage in M&A activity.
- Alec Burnside is a leading EU merger control specialist with three decades of experience in advising on major multinational transactions and other antitrust issues. Since its opening in May 2011, the competition team in Cadwalader's Brussels office has been involved in the highest profile complex merger reviews carried out by the European Commission, including most recently the prohibition of the UPS/TNT Express transaction and Ryanair's third bid for Aer Lingus.
About Cadwalader , Wickersham & Taft LLPCadwalader, Wickersham & Taft LLP, established in 1792, is one of the world's leading international law firms, with offices in New York, Washington, Charlotte, Houston, London, Hong Kong, Beijing and Brussels. Cadwalader serves a diverse client base, including many of the world's top financial institutions, undertaking business in more than 50 countries in six continents. The firm offers legal expertise in insurance and reinsurance, financial markets, longevity risk, pension fund deficits, antitrust, banking, business fraud, corporate finance, corporate governance, environmental, financial restructuring and reorganizations, healthcare, intellectual property, litigation, mergers and acquisitions, securitization, structured finance, and tax. More information about Cadwalader can be found at www.cadwalader.com.About UK Competition Commission The Competition Commission (CC) is an independent public body which helps to ensure healthy competition between companies in the UK for the ultimate benefit of consumers and the economy. It conducts in-depth investigations into mergers and markets and also has certain functions with regard to the major regulated industries.
- The press release issued by the Commission can be found at http://www.competition-commission.org.uk/media-centre/latest-news/2013/Aug/cc-requires-ryanair-to-sell-shareholding.
- The complete case file is located on the UK Competition Commission's website at http://www.competition-commission.org.uk/our-work/directory-of-all-inquiries/ryanair-aer-lingus.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts