FLS is likely to pull out of negotiations to buy TEAM Aer Lingus within the next six weeks, according to senior Government sources, if the dispute between Aer Lingus and its unions over the sale is not resolved quickly.
The Minister for Public Enterprise, Ms O'Rourke, met TEAM workers yesterday and expressed hope that progress could be made in talks between them and Aer Lingus management during the next week. Last Monday only 41 per cent of the TEAM workforce accepted a £54.6 million buy-out of their letters of guarantee with Aer Lingus. Only 20 per cent of letter-holders voted for the package.
Yesterday a 25-strong delegation of TEAM workers met Ms O'Rourke for 1 1/2 hours to outline their objections to the sale. They said they had no objection to a minority shareholder investing in the company.
However, there is only one potential investor, FLS, and it wants 100 per cent ownership. "FLS and management have assured me that they haven't suspended talks," she said. "But they have suspended the due diligence process."
The leader of the union delegation, TEEU official Mr Eamon Devoy, said that they would discuss the situation with Aer Lingus worker directors and meet management next Wednesday. He did not rule out talks with FLS, but said: "That's something I would have to take counsel on with my members".
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