IRISH TELECOMS OPERATOR EIRCOM APPROACHED BY BABCOCK.

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Ireland's leading telecommunications operator Eircom, valued at euro 2.4 billion on the Dublin stock exchange, announced on February 21 that it has been approached by the Australian fund Babcock and Brown, which already holds 12.5% stake in the group, with a view to a possible takeover. Eircom indicates in a statement that "the Board of Administration confirms that the company has been the object of a preliminary approach from Babcok and Brown Capital which may or may not result in a formal takeover bid".

No financial details have been revealed, but the Irish group's potential value was estimated at euro 3 million when public operator Swisscom broke off takeover negotiations in December, the Swiss government having stepped in to oppose the deal

Founded in 1977 and quoted on the Sydney stock exchange, investment fund Babcock and Brown acquired 12.5% of...

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