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Irish government backs proposed IAG takeover of Aer Lingus

Reuters - UK Focus

DUBLIN, May 26 (Reuters) - The Irish government has agreed to sell its 25 percent stake in Aer Lingus (Other OTC: AELGF - news) to IAG , the owner of British Airways and Iberia which offered to buy the Irish carrier in January, the country's transport minister said on Tuesday.

International Consolidated Airlines Group's (IAG) proposed 1.36 billion euro ($1.48 billion) bid for Aer Lingus has been recommended by the Irish airline's board and is still conditional on receiving the support of its other main shareholder, Ryanair.

"IAG has provided additional information and certain commitments in relation to its proposal. The government has decided that it will support IAG's proposal," Paschal Donohoe said in a statement after a cabinet meeting. ($1 = 0.9196 euros) (Reporting by Padraic Halpin; editing by Susan Thomas)