During 2007, in a shock bid, Ryanair had acquired a 25.2 per cent stake in Aer Lingus, only a week after the flotation of the national carrier. It subsequently increased its interest to 29.8 per cent, at total aggregate cost of €407.2 million. By July 2009, the investment had been written down to €79.7 million. At the time of the initial bid Ryanair declared its intention to retain the Aer Lingus brand and;