Swisscom linked with bid for Danish operator

THE eircom takeover plot thickened yesterday when potential buyer Swisscom was linked with a joint bid for a Danish company and the Swiss government announced plans to cut its stakeholding in Swisscom from 66% to 50%.

The Swiss finance minister said the government would sell part of its Swisscom stake to raise around €2.7 billion, its first move on its holding since floating the company in 1998. But it will retain a controlling interest for at least another two years, as current legislation prohibits the government from reducing its stake below the 50% threshold.

Hans-Rudolf Merz said the move would give Swisscom greater flexibility to enter into alliances with external partners.