EIRCOM refused to give any update, yesterday, on where the likely takeover by Singapore Technologies Telemedia (STT) currently stands, but did say that it remains on track to lower its annual operating costs by €130 million within two years.

A REVISED takeover bid for Eircom by Singapore Technologies Telemedia (STT) has been turned down, but the Irish telecom’s current Australian-based owners remain hopeful that a deal can be reached with the far eastern-based company.

EIRCOM Holdings has rejected a takeover offer it received for the group from Singapore Technologies Telemedia on the grounds that the bid is inadequate.