DUBLIN, Ireland – IAG has gained EU approval for its €1.3 billion bid for Ireland’s Aer Lingus last week after agreeing to improve concessions to ease competition concerns, including giving up five slot pairs at Gatwick.

About to become the former largest shareholder in Aer Lingus, Ryanair has quickly said it will bid for these and is in a strong position to win them, initially at least just a change of carrier on the routes.

“We welcome the proposals by IAG that they would surrender some slots in Gatwick. We will certainly be bidding for the slots and we would certainly want to expand services we offer at Gatwick,” Michael O’Leary, Chief Executive of Ryanair, told a news conference in Brussels.

O’Leary said that Ryanair did not expect to receive the €400m of proceeds for its stake until September, and he said that the board would then consider how to spend it.

“Speaking personally I’ll be advocating that we use the proceeds to help us pay down aircraft, but there’s clearly some interest among our shareholders that they will get some of the proceeds as well,” O’Leary said.

“The board I’m sure will be generous and do whatever is in the best interest of Ryanair’s shareholders.”