Ryanair boss rubs BA's nose in it

BUDGET-price airline Ryanair last night made a cheeky takeover bid for British Airways' slot in the FTSE 100. BA, which is being booted out along with EMI and International Power, has seen its value shrink to £1.4bn. Its Dublin-based rival is worth over £1bn more.

In a move designed to tweak BA's nose, Ryanair chief Michael O'Leary claimed the mantle of Britain's favourite airline. He said his company now carries more passengers on most routes where the two airlines compete.

He added: 'We intend to replace BA as the largest carrier of passengers to and from Britain and become the largest passenger airline in Europe.'

But FTSE Group, which compiles indices for the Stock Exchange, said: 'Ryanair does not qualify for membership because it is listed in Dublin.' BA shares have plunged from £7 in 1998 to 134p. Ryanair has soared from 89p to 364p.

EMI is falling out of the FTSE for the first time since the index was launched in 1984. It has crashed from nearly £8 in 2000 to 173 3/4p, hit by falling record sales and increased piracy. Prospects look grim. FTSE newcomers are engineer Tomkins, packager Rexam and drug distributor Alliance Unichem.