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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Photos Sitemap Ryanair, Aer Lingus lose appeals in takeover battle AFP - 1 hour 16 minutes ago Send IM Story Print Ryanair, Aer Lingus lose appeals in takeover battle LUXEMBOURG (AFP) - – A top European court rejected Tuesday an appeal by Ryanair in its failed takeover bid for Aer Lingus but ruled that the Irish budget airline can keep a minority stake in its rival. Ryanair said the ruling would not stop it from making a new bid for Aer Lingus although it indicated that it had "no immediate plans" to make another offer. European competition commissioner Joaquin Almunia welcomed the ruling by the General Court of the European Union, saying the merger would have "hurt" consumers. "The combination of Ryanair and Aer Lingus would have created a dominant position on 35 routes to the detriment of more than 14 million EU passengers that travel to and from Ireland each year," Almunia said. Ryanair launched a 1.48-billion-euro (1.85-billion dollar) bid of Aer Lingus in 2006 but it was blocked by the EU's competition watchdog, the European Commission, which deemed that it was incompatible with competition rules. In turn, Aer Lingus asked the commission to force Ryanair to sell its stake in Aer Lingus, which had risen to nearly 30 percent. The commission rejected the Aer Lingus request in 2007. The two companies challenged the commission's decisions before the EU's General Court but Europe's second highest court upheld them. The general court ruled that the commission was right to block Ryanair's takeover bid because it would have created a monopoly on a number of routes from or to the Irish cities of Dublin, Cork and Shannon. "Those dominant positions are monopolistic or very significant and are sufficient, in themselves, to validate the Commission's finding that the implementation of the merger must be declared incompatible with the common market," the court said. The 2006 offer was also strongly opposed by major Aer Lingus shareholders, including the Irish government, company employees, pilots and their pension fund. Ryanair made a second offer in 2008 worth 748 million euros (950 million dollars) which was rejected again by the government. Ryanair chief executive Michael O'Leary said the general court ruling "will not prevent Ryanair making a future offer for Aer Lingus but obviously any such offer will have to take account of the courts detailed ruling." But, he added, "Ryanair has no immediate plans to make a third offer for Aer Lingus, which in any event would be unlikely to succeed unless the Irish Government decides to sell its 25 percent stake." The no-frills airline's boss said Aer Lingus had become "a small peripheral regional airline" and its long-term financial viability "can only be secured as part of one strong Irish airline group." The general court also dealt a defeat to the Irish flag carrier, rejecting its appeal of the European Commission's refusal to force Ryanair to give up its stake in Aer Lingus. The court ruled that the commission was right in not forcing Ryanair to sell its shares in Aer Lingus because its stake did not give it control of its rival. "In the absence of effective control by Ryanair over Aer Lingus, Ryanair's shareholding cannot be likened to a merger which has already arisen, which would give the Commission the right to act," the court said. Aer Lingus said it would review the ruling and decide whether to appeal to the European Court of Justice. "Today's rejection by the European Court of Ryanair's appeal confirms that a takeover of Aer Lingus by Ryanair would harm consumers and lead to higher prices on Irish routes," said Aer Lingus chairman Colm Barrington. "It is regrettable that the Court has not taken this opportunity to take the further step necessary to address the anti-competitive effects of Ryanair's minority shareholding in Aer Lingus which is contrary to the interests of the majority of our shareholders," he added. 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