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[Article] Aer Lingus call for private investors

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09-10-2003 4:18pm

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Victor

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Aer Lingus call for private investors
From:The Irish Independent
Thursday, 9th October, 2003
Gene McKenna Political Editor

AER Lingus has told the Government it believes the time is right for private sector investment in the company.

Transport Minister Seamus Brennan, it was learned last night, is considering a report he had requested from the airline on its options for the future.

It is expected Mr Brennan will bring the airline's position and his own views on the matter to Cabinet within a matter of weeks for a decision, following consultations with Finance Minister Charlie McCreevy.

Mr Brennan is expected to tell the Dail of the developments today when he speaks on the Aer Lingus Bill 2003.

Six years ago, the Government considered embarking on an Initial Public Offering (IPO) of the airline, similar to that undertaken in cases such as Telecom Eireann.

But that planned IPO was cancelled, and since then the focus has been on Aer Lingus' survival plan and development. Mr Brennan's priority has been to see it compete successfully and grow profitably.

But with the company now favouring the initiation "without delay" of a private sector investment process, things are likely to move fast in the near future.

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