Australian firm moves closer to eircom takeover bid

The Australian company Babcock & Brown Capital has moved closer to making a bid for eircom.

The investment group has confirmed that it has now bought up more than 250 million shares in the company, giving it a stake of just over 23%.

Babcock & Brown is now the largest shareholder in eircom and, if it increases its holding to more than 29.9%, it will be legally obliged to make a formal takeover offer for the telecommunications firm.