Friday Jan 30, 2015 Search
Weather | Athens
16o C
13o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Ryanair to submit bid for Cyprus Airways

By Kari Lundgren

Ryanair Holdings Plc will submit a non-binding offer for Cyprus Airways on Friday as Europe’s No. 1 discount carrier seeks to extend its footprint eastward to an island increasingly popular with Russian and Israeli visitors.

Ryanair has emerged as one of a “handful” of interested bidders for the state-owned business after Chief Executive Officer Michael O’Leary met with Cyprus’s transport minister last week, Chief Marketing Officer Kenny Jacobs said on Wednesday.

“We’ve had a positive meeting on both sides and we think there is a good business there to take over,” Jacobs said in an interview. “It gives us access to a really interesting part of Europe that’s going to grow and that part of Europe is easily connected to the Middle East, which is also interesting.”

A more detailed data-collection process will begin if the Cypriot government approves the Ryanair offer, and it could take a “couple of months” to prepare a binding proposal, Jacobs said. A takeover would be only the second in Ryanair’s 29-year history following the 2003 purchase of low-cost carrier Buzz, with O’Leary preferring to enter markets after the demise of local airlines rather than bail them out.

Some 382,000 people visited Cyprus in July, up 5.7 percent from 2013, according to the Mediterranean island’s statistical authority. Israeli arrivals surged 63 percent and Russian visits rose 21 percent. Tourism accounts for more than a fifth of the economy, according to the World Travel & Tourism Council.

Founded in 1947, Cyprus Airways operates scheduled flights to about a dozen destinations in Europe and the Middle East using a fleet of six Airbus Group NV A320 aircraft, according to its website. The carrier attracts about 1.3 million passengers annually and is almost 94 percent government owned.

Ryanair boosted its order book to 180 Boeing Co. 737 jets in April and is targeting new markets in a push to increase passenger numbers to 110 million people by 2019. The Irish carrier has also pursued television commercials and a website overhaul in a push to tame its no-frills image and lure new customer groups such as business passengers and older travelers.

O’Leary’s only deal beyond the 20.1 million-euro ($26 million) purchase of Buzz from KLM Royal Dutch Airlines NV was a minority investment in Irish rival Aer Lingus Group Plc. European antitrust authorities blocked a full takeover and Britain’s Competition Commission has ruled that the stake must be sold down.

Ryanair and U.K. rival EasyJet Plc are expanding as network operators including Deutsche Lufthansa AG and British Airways parent International Consolidated Airlines Group SA seek to re- invent their short-haul units along low-cost lines. [Bloomberg]

ekathimerini.com , Wednesday August 27, 2014 (14:14)  
Greece to cancel gas utility sale, opposes Canadian gold mine
Berlin: Greek aid extension only makes sense if Athens upholds reforms
Pimco says Greek bonds illiquid, volatile until accord reached
Draghi deflation challenge underlined as prices plunge by record
Greece sets up cash crunch for March telling EU it’s over
Finance Minister Yanis Varoufakis said Greece won’t seek an extension of its bailout agreement, setting the government on course to enter March without a financial backstop for the first tim...
Greece warned against reversing bailout deals
The head of the Eurogroup warned on Friday that Greece could not ignore its international obligations, after a first meeting with the new anti-austerity government which wants to renegotiate...
Inside News
SOCCER
Olympiakos draws AEK in Cup quarterfinals
The dream draw of Olympiakos vs AEK in the quarterfinal materialized on Friday, as two of the capital's three giants will face off in a two-leg tie for a place in the semifinals of the Greek...
BASKETBALL
Below-par Olympiakos succumbs to Efes
The winning streak of Olympiakos in the second group stage of the Euroleague ended on Thursday in Turkey, as Anadolu Efes outclassed the Reds in the second half to win 84-70. Olympiakos had ...
Inside Sports
INTERVIEW
SYRIZA must come up with ‘pragmatic solutions,’ Schulz tells Kathimerini
“SYRIZA must realize that it is now the Greek government, not a party running an election campaign,” European Parliament President Martin Schulz, the first European official to visit Greece ...
COMMENTARY
Strange haste
The members of the new government must have a lot of confidence in themselves. Several days before announcing his program, Prime Minister Alexis Tsipras and his cabinet have opened up a mult...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Greece sets up cash crunch for March telling EU it’s over
2. Greece warned against reversing bailout deals
3. Germany rejects notion of Greek debt write-off
4. Eurogroup chief warns Greece against ´ignoring´ deals done under bailout
5. New Greek PM to visit Cyprus on first foreign trip
6. No plan for when Greece´s bailout ends, Dijsselbloem says
more news
Today
This Week
1. SYRIZA must come up with ‘pragmatic solutions,’ Schulz tells Kathimerini
2. Why Greece went left while Europe turns to right
3. Capital flees Greece at fastest pace since 2011
4. Greek government's signals very mixed, ECB's Jazbec says
5. Monastiraki restaurant fire prompts panic, restricted before spread
6. EU's Schulz: Greece should follow EU line on Russia
Today
This Week
1. Greek Elections 2015 | LIVE
2. SYRIZA heads for historic victory but without majority
3. Greek Elections 2015 | LIVE
4. Greek Elections 2015: The day after | LIVE
5. SYRIZA's win will test institutions
6. Poll shows SYRIZA leading ND by 4 pct
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.