It's actually 26.2%, not the 25% stated last night. FR can increase its shareholding to 29.9% without having to make another bid and since - once its bid lapses on the 4th Dec, it has to wait a year to make another bid - it will be interesting to see whether it does so. I think it will.
I think FR's behaviour towards EI over the next year will also dictate what it will do; if it's content just to be a long term minority shareholder, it won't want to be too harsh in competing with EI, BUT if its intention is, ultimately to buy out the airline, it will probably see it worthwhile to (a) drive the price down considerably (the lower it is, the easier for it to acquire more shares when the time comes) and (b) it will also persuade EI to make some of the cuts it has been suggesting; it probably makes more sense for EI to have to deal with SIPTU, because the prospects of SIPTU sitting down with FR are not encouraging.
And what of MOL's stance on other EI growth issues, such as long haul; will it be as reticent as DM in challenging the govt and the Commission on the whole Open Skies issue and EI's ability to build its transatlantic route network?