Aer Lingus snubs Ryanair

IRISH flag carrier Aer Lingus yesterday urged shareholders to reject a takeover bid from Ryanair, its larger rival, saying the offer is “not credible”.

Ryanair already owns 30 per cent of its rival and on Tuesday made an offer that values Aer Lingus at around €694m (£544m).

Aer Lingus said any bid is likely to be blocked by competition regulators.

“Consequently there is significant uncertainty that any offer from Ryanair would be capable of completion,” the firm said.