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Ireland’s government has approved the sale of its 25 percent stake in Aer Lingus Group Plc to British Airways-parent IAG, paving the way for the 1.36 billion-euro takeover ($1.48 billion) of the Irish airline.
“The government has decided that it will support IAG’s proposal,” Irish Transport Minister Paschal Donohoe said in an e-mailed statement after a cabinet meeting in Dublin on Tuesday.
IAG said in a separate release that it has reached an agreement with the independent directors of Aer Lingus on the terms of the offer, which consists of 2.50 euros in cash for each Aer Lingus share, and 5 cents as a cash dividend for each stock.
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This article was written by Joe Brennan from Bloomberg and was legally licensed through the NewsCred publisher network.