From a market point of view, FR's bid should go ahead simply because EI is worth much more if owned by FR: potential FR competition is a key factor limiting the EI share price. Whenever he wants, MOL can drive EI into loss by launching services head-to-head on its short haul business routes. It's just announced this for DUB-MAD, why not CDG and FRA next?
However, the combined group's 78% share of the LON-DUB route will be a big problem for competition authorities, particularly as it is impossible for a new entrant to get LHR slots and hard to get LGW slots. LON-DUB is Europe's largest route by pax numbers so the EC will be looking closely... and they don't like FR.