By Jonathan Davies

Irish airline, Aer Lingus, has rejected a takeover bid from IAG, the owner of British Airways.

IAG confirmed in a statement that it made an offer for Aer Lingus that had been rejected.

IAG is believed to be interested in the Irish airline due to its presence at Heathrow. Aer Lingues is the third largest carrier at the airport.

Any takeover would require the approval of Ryanair and the Irish government, both of which hold a stake in Aer Lingus.

Aer Lingus shares jumped 14% after the news.

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