Fri, Aug 24, 2018 - Page 10 News List

Ryanair reaches deal with Irish pilots, shares climb

Bloomberg

Ryanair Holdings PLC and its protesting Irish pilots yesterday reached a new labor agreement after a marathon negotiating session, pointing to the end of a dispute that has disrupted summer travel for Europe’s biggest discount airline.

Shares of Ryanair rose the most in three months in Dublin, where the company is based, after trade union Forsa said that an agreement had been struck following 22 hours of discussions that finished early yesterday.

The deal is to go to a ballot of pilots, with the labor group recommending that they accept it, Forsa said.

A settlement in Ireland is seen as key to accelerating the resolution of a wider European dispute at the airline, because it was staff in Ryanair’s home country who initiated a push for unionization and better employment terms.

The Irish breakthrough came as the carrier’s Dutch cabin crew on Wednesday night voted to strike over pay and labor conditions, although that operation has just one base.

Ryanair shares advanced as much as 6 percent, their biggest intraday jump since May 21. The stock was trading 5.5 percent higher at 13.87 euros as of 9:03am in the Irish capital.

A series of strikes across Europe has disrupted travel for thousands of people and weighed on Ryanair earnings.

The company’s Irish pilots last walked out on Aug. 10 in an action that also involved cockpit crew from Germany, Belgium, Sweden and the Netherlands, causing more than 400 flights to be scrapped.

The Irish discussions were led by Kieran Mulvey, a labor-relations veteran and former chairman of the Irish Workplace Relations Commission, who asked that no public comment be made while the ballot is conducted, Forsa said.

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