TEAM Aer Lingus looks likely to move to Danish ownership. The return of acceptance forms indicates that 75 per cent, or more, of its employees will eventually opt to accept the terms to transfer to FLS, although it will be some days before the full picture becomes clear.
Now that the vast majority of TEAM workers are opting for FLS, some of those who have not yet accepted are expected to change their minds. Faced with the ultimate alternatives of a job in FLS, or no job at all, the majority has taken what must be the correct decision.
Now it is up to FLS to decide if the "skill mix" in the "yes" vote is good enough to make TEAM an attractive acquisition. Aer Lingus sources suggest that it is, but the Danes will not be rushed.
If, as seems likely, FLS does decide to renew the due diligence process with Aer Lingus, the Danes are likely to take account of the improved pay conditions that helped swing the vote. The commitment to pay the first two phases of Partnership 2000 to the workforce 28 days after acquiring TEAM will add £2 million a year to the £45 million payroll. The Danes will argue that this entitles them to a discount and the only issue at this stage is how big it should be.
Aer Lingus will no doubt point out that the existing price tag of £25 million is already in the bargain basement range. Whatever about its troubled industrial relations history, TEAM is highly regarded internationally. It has a first-class customer list, including the rapidly expanding Aer Lingus fleet, and six fully-equipped hangars at a major international airport.
Whatever the final price negotiated, it will not pay for the extremely generous £54.6 million in compensation going to TEAM workers. To put it in context, this is £14.6 million more than Aer Lingus made in pre-tax profits for 1996, and that in turn was an exceptionally good year for the company.
The group's results for 1997 will not be published until next month, but they are bound to be considerably dented by the provisions for TEAM. As a result it is expected that employees will once more have to forgo a dividend on their 5 per cent shareholding.
However, the alternative scenario, one of 1,100 angry TEAM workers returning to the airline for the protracted, bitter dispute that would inevitably follow, has been averted.
Provided the deal with FLS now goes through, Aer Lingus management will be able to press ahead with the vital task of charting the future of the airline and, crucially, seeking a strategic alliance partner. The Minister for Public Enterprise, Ms O'Rourke, will also be relieved that the TEAM saga appears finally to be coming to an end. Taken in conjunction with the vote by workers in Telecom Eireann last week to accept the employee share option scheme, she can claim credit for resolving two extremely difficult problems that withstood the best efforts of her predecessors.
There are still hurdles to overcome, not least what will happen to the 300 to 400 employees who have refused the buy-out package. But, for the first time since 1994, it seems that one of the State's most acrimonious and difficult industrial disputes is within sight of settlement.