Shareholders of Aer Lingus yesterday backed a number of resolutions, clearing the way for a €1.36 billion (Dh5.42bn) sale of the airline to the parent of British Airways, moving its minority shareholder Etihad Airways closer towards a divestment of its stake in the Irish flag carrier, possibly within a few weeks.
At an extraordinary general meeting in Dublin, Aer Lingus shareholders voted on resolutions linked to the deal with International Airlines Group (IAG). The Aer Lingus chairman Colm Barrington said that IAG would take over Air Lingus “within two weeks”.
The deal already has the backing of regulators in the United States and Europe. Between 2012 and last year, Etihad had accumulated more than 4 per cent of share of the Dublin-based carrier.
According to analysts, the sale of its stake following an IAG takeover would net the carrier about €40 million, which could be channelled towards other European airlines in which it has stakes, such as the struggling airberlin and Alitalia.
“I suspect they will either redeploy that investment into airberlin, [India’s] Jet Airways, or someone else – or they could hold that revenue for future use – such as pay down airplane buys for their remaining orders,” said Saj Ahmad, the chief analyst at StrategicAero Research.
But the stake sale does not serve the strategic alignment that Etihad originally wanted with Aer Lingus, which was never fully realised. Network benefit, not a quick return on investment, drives Etihad’s strategy.
James Hogan, Etihad’s chief executive, said in March that his company bought its stake in Aer Lingus based on a strategy of increasing the number of flights between Dublin and Abu Dhabi.
The original plan was for a “large investment”, but once it became clear that the management of the Irish carrier did not share Etihad’s vision, the airline moved on to focus on deals with airberlin and Alitalia.
Etihad’s growth strategy is focused on expanding its global route network by codeshare partnerships and forming equity alliances, in which it invests in carriers in strategically important regions. Its equity alliance partners include airberlin, Alitalia, Virgin Australia, India’s Jet and Air Seychelles.
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The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
Company profile
Name: Oulo.com
Founder: Kamal Nazha
Based: Dubai
Founded: 2020
Number of employees: 5
Sector: Technology
Funding: $450,000
Results
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
Zayed Sustainability Prize
Zayed Sustainability Prize
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COMPANY%20PROFILE
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Graduated from the American University of Sharjah
She is the eldest of three brothers and two sisters
Has helped solve 15 cases of electric shocks
Enjoys travelling, reading and horse riding
Company profile
Name: Tratok Portal
Founded: 2017
Based: UAE
Sector: Travel & tourism
Size: 36 employees
Funding: Privately funded
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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Company%20Profile
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Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
COMPANY%20PROFILE
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TYPES%20OF%20ONLINE%20GIG%20WORK
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The%20Roundup
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TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
