Ireland’s government could be left with a 25.1% stake in Aer Lingus, if all over-allotment options are exercised and the plan to put 2.8% of its stake into the carrier’s employee share ownership trust goes ahead. The airline last week set an offer price of €2.20 ($2.80) for its initial public offering and said the offering of 292.76 million shares would reduce its 85.1% shareholding to 34.8%. The government also granted over-allotment arrangements to underwriters for up to 43.9 million extra shares. If fully exercised, these would reduce its stake to 28%. This could be further reduced over time as a further 2.8% is subject to a call in favour of the Aer Lingus employee share ownership trust.
Source: Flight International