Hmmm che scalatona!!!! Ma puntano alla fusione o al controllo? Corto/medio raggio per Ryananir e Lungoraggio per Aer Lingus????
Ryanair sale al 19,2% di Aer Lingus!
- Autore Discussione stefano
- Data d'inizio
Questo è il comunicato stampa di Ryanair di questa mattina che spiega l'avvio dell'opa e il progetto industriale che hanno in mente di attuare:
RYANAIR ADVISES THAT IT HAS ACQUIRED A 16% STAKE IN AER
LINGUS AND ANNOUNCES AN ALL-CASH OFFER OF €2.80 PER SHARE
VALUING AER LINGUS AT €1.481BN
The board of Ryanair Holdings plc today (5th October 2006) advises that it has acquired over 16% of the issued share capital of Aer Lingus Group plc. Ryanair now announces its intention to make an all cash offer of €2.80 per share for the issued share capital of Aer Lingus not already in the ownership of Ryanair. This offer is conditional on, among other things, obtaining at least a majority of the shares in Aer Lingus. This cash offer values Aer Lingus at approximately €1.481bn and represents a premium of 27% (approximately) over last week’s IPO share price of €2.20 per share and a premium of 12% (approximately) over last evening’s
closing price for Aer Lingus shares of €2.51.
The share price appreciation since the Aer Lingus IPO occurred during the same short period in which Ryanair acquired over 16% of Aer Lingus shares at an average price of €2.42 per share.
During the 2nd and 3rd of October – the two days during which Ryanair was not actively buying Aer Lingus shares – the share price fell back from €2.48 to €2.41.
Speaking at the launch of the offer this morning, Ryanair’s CEO, Michael O’Leary, said:
“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. 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. We believe the price of €2.80 to be an excellent offer. If accepted the Irish Government will realise over €500m from the sale of their Aer Lingus shares, and
the employees will realise over €220m which equates to an average of over €60,000 per employee.”
The combined strength of Ryanair and Aer Lingus would establish an Irish airline group with over 50m passengers annually, capable of competing on the European and World stage against other large European airline groups, including Lufthansa/SAS/Swiss (75m passengers), Air France/KLM (70m passengers) and BA/Iberia (63m passengers). As the European airline industry consolidates, this acquisition, if it proceeds, will largely replicate previous
consolidations in, for example, France (Air France/Brit Air/Regionale/KLM), UK (BA/B.Cal/DanAir/City Express), Germany (Lufthansa/Eurowings/Lufthansa Cityline/Swiss) and Scandinavia (SAS/Braethens).
There are benefits of combining these two Irish and European airlines into one group. To give a flavour of what this offer - if successful - might mean to Aer Lingus, its stakeholders and the
people of Ireland and Europe, Ryanair intends to:-
– Reduce Aer Lingus’ average short haul fare (€87.55 in 2005) by 2 ½% a year for a minimum period of four years;
– Reduce Aer Lingus’ fuel surcharges as the price of oil falls from recent highs;
– Retain the Aer Lingus brand;
– Retain the Heathrow slots;
– Retain all profitable routes currently operated by Aer Lingus;
– Reduce Aer Lingus’ costs through improved efficiencies and Ryanair’s superior purchasing power;
– Give Aer Lingus access to the benefit of Ryanair’s lower cost aircraft deliveries and lower cost financing facilities;
– Upgrade Aer Lingus’ transatlantic fleet and improve its long haul product;
– Maintain Aer Lingus as a stand alone, separate company within one strong Irish airline group under common ownership but run as separate competing airlines.
As the above benefits demonstrate, the Board of Ryanair intends to deliver a publicly owned, Irish managed and headquartered airline group with the necessary ambition, expertise, financial strength and cost base to take on European and Global competitors well into the future. As an island nation, Ireland is critically dependant upon strong and secure low fare airline services in order to sustain and develop tourism and economic growth. Investing in Aer Lingus is
attractive for Ryanair and its shareholders because, amongst other things, Aer Lingus’ earnings yield is superior to the returns currently available on Ryanair’s cash deposits. Ryanair believes
that there will be opportunities (by combining the purchasing power of Ryanair and Aer Lingus) to reduce operating costs, to increase efficiencies and to pass on these savings in the form of low fares to the travelling public.
Ryanair has grown to be Europe’s largest low fares airline by continuously lowering prices and funding these reductions through cost savings and efficiencies. We believe there is an opportunity to apply this successful low fares formula to Aer Lingus where currently, in its short haul operation, fares and costs remain far too high. We would also expect to work closely with Aer Lingus, if the offer is successful, to improve its long haul operations where
we believe there is room to upgrade the long haul fleet and improve this product which has not kept pace with the competition in recent years. Since we envisage that the two companies would be run separately, in the event that this offer is successful, nothing in this transaction will deflect Ryanair from continuing to focus on its own pan-European expansion or from continuing to deliver unit cost reductions and continuing to offer lower fares to millions of
Ryanair’s European passengers.
There are numerous precedents across Europe (for example, in the UK, France, Spain, Germany and Scandinavia) for two airlines of similar nationality coming together to form a stronger, more widely diversified airline group. The European Union has recognised the value of competitive European airline consolidation because of the benefits which it brings to consumers. This offer, if successful, will result in that precedent being largely replicated here in Ireland and elsewhere, with the added benefit that customers of Aer Lingus will enjoy lower fares in the short haul market, a better product and service in the long haul market by reducing fuel surcharges as oil prices fall, as Ryanair applies its philosophy of lower costs and lower fares to Aer Lingus’ existing business.
Qual'è la normativa irlandese in materia di OPA obbligatoria? Quest'offerta totalitaria di acquisto è esimente da un'eventuale successiva OPA obbligatoria, nel caso in cui FR superasse una certa soglia (come il 30% in Italia, per capirci)?
Grazie,
Nicola
Grazie,
Nicola
Nello specifico non conosco la normativa irlandese ma Ryanair ha dichiarato che riterrà valida l'offerta se riuscirà ad ottenere almeno la maggioranza delle azioni.
ragazzi chiamtelo fesso MOL..... mentre noi stiamo a discutere pasto si, pasto no, caramella si, caramella no, lui ha una delle poche compagnie aeree al mondo che fa soldi, compra aerei nuovi e si permette anche di fare compere qua e la......
poi si può anche discutere sui metodi di finanziamento dei voli, ma anche in questo è stato geniale, si è inventato un metodo che era sotto gli occhi ditutti, ma nessuno lo usa.
Premesso che da quel che sappiamo almeno in italia sono finanziati dagli aeroporti anche voli della BA o dell'Iberia (vedi il NAP-MAD dichiarato da GESAC) o dell'AirOne, più o meno come quelli di FR.
poi si può anche discutere sui metodi di finanziamento dei voli, ma anche in questo è stato geniale, si è inventato un metodo che era sotto gli occhi ditutti, ma nessuno lo usa.
Premesso che da quel che sappiamo almeno in italia sono finanziati dagli aeroporti anche voli della BA o dell'Iberia (vedi il NAP-MAD dichiarato da GESAC) o dell'AirOne, più o meno come quelli di FR.