Eircom takeover possible after approach from Australian bank

Eircom confirmed this afternoon that it has received an approach from Australian investment bank Babcock and Brown Capital, which may lead to an offer for the company.

In a statement to the Irish Stock Exchange this afternoon, the company said that it may make a further announcement in due course.

The bank already owns 12.5% of eircom. The announcement of the approach saw busy trading in Eircom shares which closed the day up four cents at €2.20.