Eircom confirms flotation plans

Eircom last night confirmed that it is considering a flotation on the stock market.

In a statement, the company said no decision had been taken by the board and the timing of any flotation would depend "on market conditions and other factors".

The news was delivered in a technical notice issued by eircom seeking the consent of its bondholders to pay a dividend in the event that it re-floats on the stock market.

It is thought the flotation could raise between €3.2bn and €3.9bn. Employees own 29% of the company and the remaining 70% is owned by Sir Anthony O'Reilly, Providence Equity Partners and George Soros.