Competition – Merger. The first respondent Competition and Markets Authority (the CMA) had concluded that the minority stake held by the appellant, Ryanair, in the second respondent, Aer Lingus, had resulted in a substantial lessening of competition. The CMA ordered Ryanair to reduce its stake to 5% (the divestiture order). The Competition Appeal Tribunal dismissed Ryanair's appeal. The Court of Appeal, Civil Division, in dismissing Ryanair's appeal, held, inter alia, that the consultation process had not been procedurally unfair to Ryanair and the divestiture order had been neither ultra vires nor disproportionate.