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It's all to play for as teams line out for the match of the century
Richard Delevan Business Editor



FORGET Man United v Man City or Chelsea v Arsenal: they have nothing on this. The big premiership matches in business this autumn will be Murray v Drury, Davy v Goodbody, AL Goodbody v Arthur Cox, and Morgan Stanley v Goldman Sachs.

Ryanair's spectacular bid for Aer Lingus will not only determine the future of Ireland's air transport, but also its economy, the relative strength of government and unions to influence the private sector, the jobs of a significant number of employees and the financial well-being of thousands of shareholders in both airlines. It will also be the best business show in town for months to come, as the Galacticos of Ireland's top advisers in law, finance and public relations duke it out in the ultimate Dublin derby.

Like any high-profile match, even the refs are contentious, so let's start there.

The chief official will almost certainly be EU competition commissioner Neelie Kroes.

There seems little chance that her domestic counterpart, American-born William Prasifka of the Competition Authority, will get to ref much of this game . . . and is still sweating the aftermath of the Topaz v Statoil match.

Kroes is already getting unsolicited advice on how to call the game from that angry guy sitting in the corporate box overlooking the Aer Lingus bench, transport minister Martin Cullen, who can't be sent off.

Linesman Miceal Ryan of the Irish Takeover Panel, part of the Irish stock exchange, will be in a position to monitor the first bits of play. Ryan is not expected to be sparing with yellow cards. In fact he reached for his whistle last week upon reading some coverage of the deal in this very newspaper.

Ryanair is expected to put the ball back in play in front of Ryan with an official offer document outlining its bid for Aer Lingus, probably as soon as this week. Who knows, this may see an improved offer above the current 2.80. Some analysts believe Ryanair could go as high as 4 and still make money on this deal.

Before Ryanair can make its offer, however, it must get permission from its own shareholders. Then, after its offer document, Ryanair's strikers will make its pleading to Kroes about why Brussels should approve the deal. The Aer Lingus defence . . . supported by lots of angry fans wearing kit from ESOT, the Irish airline pilots' pensions fund, Siptu, Impact and some other second-division teams cheering them on . . . is expected to be robust.

O'Leary will have to rely on his midfielders to deliver.

Legendary Jim Milton of Murray Consultants is a battle-scarred vet of many a corporate campaigning season including the DCC v Fyffes case, the Doyle family in the Jurys Doyle takeover bid, Irish Distillers, John Magnier and JP McManus in their 99 questions about Manchester United, not to mention representing Independent News & Media in various incarnations.

He'll know how to pass the ball to Pauline McAlester, who may not be doing bicycle kicks but has already shown herself to be an effective media striker.

Hugh McCutcheon of Davy Corporate Finance is already an impact player, helping to orchestrate the accumulation of the 16% stake in Aer Lingus that Ryanair sprang upon the world on 5 October, with his colleague Eugenee Mulhern.

It doesn't hurt that Murray and Davy share so many clients . . . and that in fact Davy itself is a Murray client as the financial wizards try to break free of Bank of Ireland . . . ensuring good communication on the pitch. The two Murray players will also be helped in attacking formation by a recent transfer from the Irish Times, former political correspondent Mark Brennock, who will feature in a public affairs role.

Stalwart Howard Millar, Ryanair's deputy chief executive & CFO, has already made some notable saves in goal, including an unexpected object thrown on the pitch by another notable spectator, Denis O'Brien, who called the deal a "disaster" in this newspaper last Sunday.

On the other touchline, Aer Lingus boss Dermot Mannion, with his Zen-like calm under pressure, couldn't be a greater contrast in temperament to the explosive O'Leary.

The Aer Lingus defenders are almost certainly led (though no one is officially wearing the captain's armband) by Basil Geoghegan of Goldman Sachs. A native son made good, he has featured in many of the other recent high-profile battles on Irish corporate pitches, including the Tony O'Reilly-led Valentia consortium buyout of Eircom in 2001. He also would have successfully advised the family in their takeover of Jurys Doyle hotels, making him a former teammate of Jim Milton.

Billy Murphy of public relations firm Drury Communications has been a stalwart in goal, so far preventing Ryanair from putting the match away.

His own Drury teammate, Orla Benson, is about to step off the pitch to go on maternity leave, but will be replaced by supersub Drury managing director Padraig McKeon, who brings with him experience both domestically and in some foreign leagues.

The ubiquitous Londonbased PR consultant, Rory Godson of Powerscourt, who once held the position currently occupied by your match correspondent, not only provided essential tackling during the Aer Lingus IPO process but is yet another veteran of the Jurys Doyle saga, working with Milton and Geoghegan.

The match could last for months, with arguments and share offers sent towards the net at either end.

One thing is certain. Every call by the refs will be argued.

We'll be looking to see if O'Leary can avoid a touchline ban for verbally abusing the players, refs, fans, stadium construction company and the guy selling hotdogs.

Game on.




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