Businessman Denis O'Brien has bought a 2 per cent stake in Aer Lingus after spending €32 million on shares, according to a report this evening.
Mr O'Brien said he had bought the shares because he believed in competition.
In a statement to RTÉ news, Mr O'Brien said had agreed to support pilots and the staff at the airline in the wake of a takeover attempt by Ryanair.
Aer Lingus pilots yesterday increased their stake to 2.24 per cent after buying €870,00 worth of shares.
While it remains unclear whether Ryanair is prepared to offer more than €2.80 per share to secure control of Aer Lingus, its main concern is the resolution of the competition issues that would arise as a result of a deal.
Shares in the airline closed at €2.87 in Dublin this evening.