Ryanair Formally Accepts IAG Offer For Aer Lingus

Ryanair has formally agreed to sell its stake in Aer Lingus to IAG, giving IAG the approval of over 90 percent of shareholders in Ireland's former flag carrier.

"We submitted our acceptance of the IAG offer today (18 Aug)," a Ryanair spokesman said when asked if it had agreed to sell its 30 percent stake.

Ryanair's board of directors approved the sale in early July, but it failed to formally accept the offer before a July 30 deadline, which IAG then extended to August 18.