Ryanair increases Aer Lingus stake

Ryanair has increased its stake in Aer Lingus to just under 30%.

Europe's biggest low-cost airline bought an additional 3.5 million shares in Aer Lingus, bringing its total holdings in Ireland's former flag carrier to 159,231,025 shares.

According to media, developer Liam Carroll is believed to have sold more than 31 million shares in Aer Lingus at an estimated loss of €20m. Carroll is believed to have sold the shares - snapped up by Ryanair - at €1.15 each having earlier this year buying them at almost €2m. Stockbrokers have described the deal as a `fire sale;. It would have yielded Carroll €40.25m, according to reports.

Howard Millar, Ryanair's Deputy Chief Executive and Chief Financial Officer said: "We bought at €1.19. It was an offer we couldn't refuse. Our long-term ambitions are still to take over Aer Lingus."

Ryanair launched a €1.48bn hostile bid for Aer Lingus in autumn 2006, at €2.80 a share, which was rejected by shareholders and blocked by the European Commission a year ago.