Eircom takeover valued at €2.6bn

SWISSCOM has been granted exclusive takeover talks with Eircom in return for an indicative offer that values the phone company at €2.6 billion, it emerged last night.

Swisscom will offer in the region of €2.41 per share after Eircom held out for a better deal than the €2.30 previously thought to be on the table, but Eircom will undertake not to hold talks with any other potential buyers for a limited period, believed to be around two weeks.

Eircom shares closed yesterday at €2.31, 6% down from the €2.45 peak hit last week after the company confirmed it had received a takeover approach.