Group 'in talks' to save Waterford Wedgewood

A US private equity fund is in talks to take a controlling stake in struggling Irish crystal and ceramics manufacturer Waterford Wedgwood for €600m, according to sources briefed on the negotiations.

Under terms of the deal, the US investor group would assume roughly €400m in debt, split almost equally between bonds and bank loans, and provide about €200m in new capital, the three sources said. The confidential talks are continuing.

The deal is desperately needed to save Waterford Wedgwood, a company run by English and Irish managers throughout its more than 250-year history.