Market Chatter: Ryanair Loses ECJ Appeal Against EU Approval of Spain's 10 Billion Euro Fund to Support Firms Affected by COVID-19

MT Newswires Live06-06

Ryanair Holdings (RYAAY) lost its appeal in the EU Court of Justice against the European Commission's approval of Spain's 10 billion euro ($10.9 billion) state fund to support firms affected by the coronavirus pandemic, Bloomberg reported on Thursday, citing a judgment of the EU's top court.

The ECJ said the aid did not infringe "the principle of non-discrimination on grounds of nationality and that it was proportionate," Bloomberg reported.

Ryanair has filed more than two dozen legal cases challenging EU nations' subsidies to carriers, arguing that the EU should not have approved such state aids because they hampered competition in the airline industry, according to the report.

"In other cases concerning Covid-19 State aid, the EU General Court ruled that billions of euros in aid received by Air France, KLM, Lufthansa, SAS, and certain Italian airlines were unlawful," Ryanair told MT Newswires in an emailed statement.

"The European Commission has still not ordered recovery of the unlawful aid, nor has it imposed any measures to remedy the damage to competition caused by the French, Dutch, German, Swedish, Danish, and Italian governments favouring their legacy flag carrier airlines over other EU airlines, in breach of EU law."

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 125.12, Change: +0.14, Percent Change: +0.11

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