Ryanair (FR, Dublin International) says it has accepted the International Airline Group's (IAG) offer for the LCC's 29.8% shareholding in Aer Lingus Group plc, thus paving the way for the consortium to assume control of the Irish carrier.

The Irish budget carrier said last week that it will now vote in favour of the IAG's offer of EUR2.55 per Aer Lingus share at Aer Lingus's upcoming EGM scheduled for July 16. Other prominent shareholders such as Etihad Airways (EY, Abu Dhabi International) and the Irish government, which hold 4.99% and 25.11% respectively, have already indicated they will back the offer. Under Irish law, the IAG needs to control at least 90% of Aer Lingus stock to compulsorily acquire the stakes of all remaining shareholders.

"Ryanair will now vote in favour of the motion at the Aer Lingus EGM on the 16 July next (to give the Irish Government a golden share over Aer Lingus's London Heathrow slots) and Ryanair will also vote its 29.8% shareholding in favour of acceptance of the IAG offer, subject to this offer receiving regulatory approval from the European competition authorities," it said.

According to Ireland's RTE, the European Commission (EC) is set to approve the takeover bid after the IAG offered to cede London airport slots and sign special prorata agreements with rivals to help ease competition concerns.

In light of Ryanair CEO Michael O'Leary's remarks last month that his airline would consider selling off its stake in return for concessions from the IAG, including a number of its slots at London Heathrow, it is entirely possible that the normally combative budget carrier's volt-face may be linked to some sort of behind-the-scenes deal.

In June, Ryanair had threatened to drag out the takeover process when it announced it would appeal a UK Competition and Markets Authority's (CMA) final order requiring the LCC to reduce its 29.8% stake in Aer Lingus Group to below 5%.