It may well be third time lucky as IAG’s improved offer of €2.55 a share for Aer Lingus has been approved by the latter’s board with an announcement scheduled for today. Once again the ex-Aer Lingus pilot and CEO Willie Walsh is posed to make a high class purchase, that is of course if the Irish government who hold 25% and Ryanair agree to this deal. Ryanair still holds a huge 29.8% of Aer Lingus and its breakeven price on that holding will be at around the €2.56 mark, so the low-cost carrier will make a loss on the holding.

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