Ryanair in talks to take over Cyprus airways

Written by on August 24, 2014 in Leisure - Comments Off on Ryanair in talks to take over Cyprus airways

Low-cost airline Ryanair holds talks with the Cyprus government about a possible takeover struggling financially Cyprus Airways, which is under scrutiny by the European Commission.

It was announced on August 22 that investors interested in Cyprus Airways (CY) must submit non-binding proposals by the end of the month, as Ryanair could put it back on rapid growth. Proposals will be reviewed on September 30 and a short list will be drafted, Chairman of CY Tony Antoniou said.

The procedure could be completed by the end of the year, the chairman noted after a meeting between the negotiating team and Ryanair CEO Michael O’Leary on Friday.

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