You are correct the OFT has no teeth it cannot force Ryanair to sell its stake in AerLingus. If it finds however that Ryanair has exerted de facto influence over the company then it can refer the matter to The Competions Authority. They have lots of teeth. Ask the BAA or Ferrovial if they wanted to sell Gatwick Airport.
BAA is a UK entity and it was forced to sell.
OFT has no teeth regarding Irish companies and when it tries it will find UK companies getting hauled into other juristictions.
Ryanair has already exerted influence at board level in Aerlingus by blocking Share issues on more than one occasion and blocking possible fleet changes. This was done during each AGM the company has had by Ryanair using its stake to block the special resolutions neccessary to effect these changes.
Eh ?
Shareholders have a right at an AGM to consider what is best for their investment.
Given the management of Aer Lingus over the last number of years in blowing hundreds of millions in its failed strategy after failed strategy then its hardly surprising support wasn't forthcoming.
That however is not exerting influence as having less than 30% of the shareholding and being consistently outvoted is not having "INFLUENCE".
AGM are not there just to rubber stamp whatever the board want to do no matter how idiotic.