Europe's biggest low-cost airline Ryanair Holdings plc said yesterday it had no plans to make a takeover bid for no-frills rival easyJet Plc.

"Hell with freeze over first. I don't know where this is coming from," a Ryanair spokeswoman said in response to media reports citing market speculation it was considering a bid.

EasyJet shares continued to rise yesterday, gaining 3.4 per cent to 135.5 pence in a firmer overall market.

The stock has gained around 12 per cent in the past week, rising off record lows reached on concern about high fuel costs and low ticket prices.

Dublin-based Ryanair and easyJet, two of Europe's most successful low-cost carriers, are fierce rivals.

Cashed-up Ryanair has been slashing fares to fill seats and has repeatedly warned of a "bloodbath" in the European low-cost market this winter as intensifying competition puts the crunch on ticket prices.

Ryanair declined to comment on whether it was seeking any major acquisitions. It reports first-half results on November 2.

Ryanair shares were steady at €3.74 in Dublin.

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