Swisscom confirms eircom approach

EIRCOM shares continued their fall from grace yesterday, falling for the third day in a row as Swisscom finally owned up to being behind last week’s takeover approach.

Eircom closed at €2.31, 6% off the €2.45 peak reached when news of the approach was made public, as investors and analysts continued to show little enthusiasm for the €2.6 billion deal that would value eircom at around €2.41 per share.

A Swisscom statement said: “Swisscom confirms that it has entered into discussions with Eircom in relation to a possible transaction. However, there can be no certainty that an offer will in fact be made. A further announcement will be made when appropriate.”