DUBLIN (dpa-AFX) - The U.K. Competition and Markets Authority or the CMA has provisionally decided that there is no material change in circumstances or special reason for it not to implement the remedies in the Ryanair/Aer Lingus inquiry.
In February, Ryanair (RYA.L, RYAAY) requested that the CMA re-examine its decision to require it to sell its 29.8 per cent stake in Aer Lingus Group plc down to 5 per cent. This followed a judgment from the Court of Appeal dismissing Ryanair's legal challenge to this decision.
Ryanair argued in particular that IAG's proposed bid for Aer Lingus and the period of time that has elapsed since the decision was originally made by the Competition Commission in its Report in August 2013, constitute a material change of circumstances and that the CMA no longer had the power to impose a divestment remedy on Ryanair.
After receiving that request, the CMA invited submissions from interested parties. After considering responses from Aer Lingus, IAG and the Irish Government - and further submissions from Ryanair - the inquiry group of independent CMA panel members considering this issue has provisionally decided that there is no material change in circumstances or special reason not to proceed to implement the remedies set out in the Report. The CMA will now consider further responses before taking its final decision.
The CMA said it is also consulting on the terms of a draft final order that would implement the remedies. In the event that it maintains its provisional decision, the CMA would expect to make a final order taking account of any comments it received on this draft final order.
Copyright RTT News/dpa-AFX