Stobart Air (Dublin International) has received three bids since news broke last year that its majority shareholders, UK logistics specialist Stobart Group and investment manager and broker Invesco Perpetual, were considering selling off their combined 85% shareholding in the Irish ACMI/charter operator.
According to the Irish Independent, one of the bidders is Dublin-based Aviation Finance Company while the airline's management, led by chief executive Sean Brogan, has also tabled a take-over bid which may also garner the support of Aer Lingus (EI, Dublin International), one of Stobart Air's capacity customers.
The report suggests that Stobart Group is also considering merging Stobart Air with fellow Irish carrier CityJet (WX, Dublin International) in a move that could create one of Europe's largest regional airlines. It is uncertain whether the merger would proceed if management's proposal is accepted, however.
For its part, a group of businessmen led by CityJet's founder and CEO Pat Byrne successfully completed the acquisition of the carrier from German turnaround specialists INTRO Aviation last week.
CityJet currently operates eighteen ARJ-85s with eight CRJ900s (to be wet-leased to SAS Scandinavian Airlines (SK, Copenhagen Kastrup)) and fifteen SSJ 100/95s due to join the fleet in the near future. Stobart Air on the other hand, operates two ATR42-300s and fifteen ATR 72-200/-500/-600s, all of which are in service under the Aer Lingus Regional franchise agreement and franchise and wet-lease deals with flybe. (2002) (Exeter).
