The Goverment and Etihad won't approve the takeover and don't start saying that it will be the EU/IMF deciding.
Ethihad have 1/10 of the shareholding of Ryanair yet people complain Ryanair is able to influence Aer Lingus policy but seems like you are saying Ethihad can do it more !!!
Irish Govt needs the cash and will sell if price is right that is unless Denis O'Brien tells them not to. Given the Irish tribunals proved Mr O'Brien paid off party members of the current govt in the 1990's to gain a Telecom license then anything is possible.
Course Mr O'Brien previously worked for Tony Ryan who parted company with him and employed Michael O'Leary afterwards.
Oh and Irish Govt can decide not to sell its shareholding but if EU approve then all is needed is 50.000001% for a takeover.