Ferry operator Irish Continental Group (ICG) yesterday indicated that it would be interested in bidding for Aer Lingus once the airline is flagged for sale.
Speaking at the press conference of the company's annual general meeting in Dublin, managing director Mr Eamonn Rothwell confirmed the Irish Ferries' owner was looking at buying the national carrier if the Government puts it up for sale.
Earlier this year, Texas Pacific Group, the private-equity company run by Ryanair's chairman Mr David Bonderman, was reported to have signalled an interest in the national airline.
But expectations of an imminent sale of the profitable airline were dispelled last month after the Minister for Transport, Mr Brennan, said no buyers would be sought until conditions in the airline sector improved.
The projected price tag for Aer Lingus is €400 million, according to recent market valuations.
Mr Rothwell said ICG could raise this amount of money on its own without the aid of a financial buyer or another operator.
But the company's interest in the State carrier has taken market analysts by surprise.
Davy analyst Mr Stephen Furlong said the possible ICG takeover of Aer Lingus was "bizarre". "Frankly I find it bizarre that a shipping company would want to buy an airline. It's a complete diversification of strategy," he said.
"If and when Aer Lingus is put up for sale, it's likely that there will be a number of Irish investors looking for a prospectus. ICG's role in the travel industry might justify a bid but I can't see it happening," he added.
ICG's expression of interest came as the company posted better-than-expected profits, nudging its share price marginally higher at the close of trade.
Although turnover was down €22.7 million on 2001 to €325.8 million, operating profit jumped to €34.8 million from €24.6 million.
Mr Rothwell said the company's greatest concern was the excessive overhead costs at Dublin Port. ICG is the biggest user of Dublin Port and pays 20 per cent of any development costs. Currently the use of the port accounts for 40 per cent of the company's operating costs.
Calling on the Government to appoint an independent regulator to Dublin port, Mr Rothwell said: "Dublin is the most expensive port we use anywhere and we have called publicly and privately and anyway we can for an independent regulator. If the Government feels there is a need for a regulator in the airport because there is a conflict of interest, why isn't there the same need for a regulator in the Dublin Port?"
ICG is taking a High Court action against the port authority over an alleged breach of contract on the development of a new container terminal.
The dispute centres on the instalment of crane rails at a new pier for freight traffic.
