Ryanair: O'Leary's summer surprise - FT.com Ryanair chief executive Michael O'Leary is never dull - and a new, out-of-the-blue €700m takeover offer for rival Irish-based carrier Aer Lingus on Tuesday evening was true to form. But while the 40 per cent premium being offered over Aer Lingus's undisturbed share price may seem appealing and the Irish government is under pressure to offload its 25 per cent holding as part of Ireland's bailout package, antitrust obstacles still look formidable. European Union competition regulators blocked a merger five years ago because the two carriers were the most important operators on short-haul routes between Ireland and a slew of European destinations. Together, they carried 80 per cent of all intra-European passengers to and from once-congested Dublin airport. Today, the two airlines are still the big players there, offering rival services to more than two dozen destinations. Ryanair now argues that ample spare capacity at Dublin - thanks to Celtic Tiger-era terminal expansion and post-Celtic Tiger demand declines - means a barrier to new entrants has been lifted. Somehow, one suspects, competition officials in Brussels may take some persuading.