Aer Lingus shares surge after IAG says takeover bid rejected

Aer Lingus shares have jumped after British Airways owner IAG said the Irish airline had rejected an initial takeover offer.

Aer Lingus is the third-largest airline operating at Heathrow Airport, making it attractive to IAG as it would gain access to more landing spots.

In its brief statement, IAG confirmed that an offer had been made and rejected.

"There can be no certainty that any further proposal or offer ...