Ryanair takes Lord Patel's advice

Diminutive, open necked, self opinionated , and hugly successful business genius, Mr Michael "Ducksie" O'Leary (45) , Ryanair chief executive has made an offer for Aer Lingus (AERL : LSE) that no-one could refuse. In a move that surprised everyone ( O'Leary pledged to make Ryanair Europe's biggest airline operation within 5 years in 2002 ***), but Lord Patel who told him to on September 25th.

This gives subscribers to the IPO last week a 28% gain and a premium on closing price yesterday of about 15%. The offer values Aer Lingus' shares at €2.80 each (last trading this morning at about that price).

The cheeky bog trotter (educated at Clongowes Wood, the "Eton" of Ireland, Trinity, Dublin qualified as an accountant at KPMG) he points out that given the current share structure that gives the Irish Government will realise over €500m from the sale of their Aer Lingus shares (30%), and the (unionised) employees (15%) will realise over €220m = €60,000 per employee.

Whilst gobby O'Leary has always decried Heathrow, this would give him prized slots at , where the antique airline has the 4th highest number of slots after BA, bmi and Lufthansa.

...and of course if he drops plans to sue the British Government over the "terror" fiasco, (on which some back-peddling has been noticeable lately) , they won't be too anxious to press for EU regulators to stop the plan going ahead.

Now if the Cyprus Government decides to sell off Cyprus Airways .....

The O'Leary Glossarium

EEC = morons
BAA = overcharging rapists
UK air traffic control service = poxy
BA = expensive bastards
Travel agents = fuckers who should be taken out and shot
Advice to "greens" - "sell your car and walk"
Sustainable aviation = " another bunch of lemmings shuffling to the cliff edge"

***January 2002 O'Leary ordered 100 737's with options on a further 50. This is the single largest order Boeing has had for the 800 series.

CLOSE OF BUSINESS

The Irish Government have rejected the bid, Ryanair now owns 16% of the airline, and a lot of leverage about how Dublin airport is run , will be extended and rebuilt. The shares closed slightly above the offer price.