Babcock to buy more Eircom shares

ACCORDING to weekend reports, Babcock & Brown - the Australian-based investment bank hoping to buy Eircom - is planning to buy more shares in Ireland's biggest telecommunications company to 29.9% over the course of this week.

The company increased its share in Eircom on three occasions over the last week and currently holds a stake of between 21% and 22%.

The 29.9% level would represent the last point before a mandatory bid would be triggered.