BANK of Ireland’s share price shot up by 3.7% in Dublin yesterday, an increase of 60 cents, as rumours gripped the markets that British bank, HBOS (Halifax Bank of Scotland) is about to bid for the country’s second-largest bank.

THE triple bid for the Dutch bank ABN Amro from Fortis, Santander and Royal Bank of Scotland raises the possibility of AIB, the country’s largest bank, becoming a takeover target.

ONE51 and the Doyle Group have increased their stake in ICG to 20.2%, paying up to €20.75 for its recent share purchases in the group.

Irish Continental Group founder and chief executive Eamon Rothwell said failure to generate top line growth was the key reason management want to take the company private.

AER Lingus unions representing employees such as electricians and machinists have voted to strike should the airline unilaterally change work conditions, adding to the number of groups threatening to walk off their jobs.

EIRCOM has confirmed that it is in takeover talks with Australian investment bank Babcock & Brown.

EIRCOM shareholders were €330 million better off last night after the phone company’s shares shot up 15% on the back of a takeover approach from Switzerland’s market leader.

DUBLIN’S ISEQ index went into record territory early yesterday but ended the day up 23 points at 6,864. Its last record close was towards the end of July, when the Index hit 6956.

COMPUTER distributor Horizon Technology Group has reported a 20% rise in pre-tax profits to €4 million. The company said increase in interim profits came despite a 1.2% decline in turnover to €148.9m.

IRISH Life & Permanent has restated its 2004 results to adjust them for new international financial reporting standards (IFRS) now in effect.

STOCK market panic hit the Dublin ISEQ yesterday and over €3 billion had been wiped off share prices by 11.45am yesterday morning.

INDEPENDENT News and Media’s jobcutting and restructuring programme aimed at making the company a low-cost provider in all its market is expected to boost profits this year and the years ahead.

AIB has revised its earnings forecast for 2005 in its pre-close trading statement for the first six months of the year.

SINCE day one the markets have said the shareholding of the daughters of PV Doyle and their close associates would ultimately determine the future of the Jurys Doyle Group.

A TAKEOVER premium is factored into the AIB Bank share price but not Bank of Ireland or Irish Life and Permanent, according to a leading banking analyst.

Brian O’Mahony, Chief Business Correspondent

REPORTS that AIB is looking at the sale of Ark Life to Hibernian scuppers any chance of a bid by the bank for Irish Life & Permanent.

WELL over €1 billion was wiped off the Irish stock market yesterday which suffered a dip of 1.7% on the day.

FINANCIAL services provider IFG Group’s shares are rated a buy by stockbrokers Dolmen and NCB in advance of the company’s 2004 interim results next Monday.

RYANAIR’S 12-month share price target has been raised to €7 by Dolmen Securities.

AIB’s chief executive designate Eugene Sheehy is the man the bank appointed to sort out delinquent US subsidiary All-First after the Rusnak rogue trading fiasco cost the bank €691 million.

SHARES in Irish drug company Elan were hammered again in Dublin yesterday as news of a second death linked to its multiple sclerosis drug, Tysabri, hit the market.

IN the year to date, the Irish stock market has been the star performer of the stock exchanges, by making gains of 9.7%.

Stockbroker Dolmen Securities has urged investors to sell Eircom shares.

GREENCORE shares fell by as much as 8% yesterday after 2004 results at the world’s largest sandwich maker fell slightly below expectations.

THREE of Ireland’s largest publicly-quoted companies CRH, Kerry Group and Eircom are expected to announce bottom-line increases later this week.

AIB has appointed Jenny Winter and Kieran Crowley as non-executive directors.

SCANDAL-WRACKED AIB Group hit back yesterday with a strong set of earnings figures to silence its detractors.

BUILDERS merchants and DIY group Heiton yesterday urged its shareholders to reject an approach from Grafton, the owners of the Woodie's DIY chain. The two companies broke off takeover talks earlier this week.

ANALYSTS are expecting an upbeat trading statement from Irish Life and Permanent, which could boost the share price, tomorrow.

AIB’S latest scandal may not cost the bank much in financial terms, but its reputation may be damaged for some time, a leading analyst said yesterday.

NATIONAL Australia Bank (NAB) could sell its Irish and British assets soon, despite denials of such a plan by chief executive, John Stewart yesterday.

GALEN founder and former president Allen McClay sold a 6.3% stake in the Northern Irish drugmaker for around £97 million (€147m) yesterday, sources close to the deal said. The sale spurred a drop in its share price.

FBD is set to report a massive 257% increase in pre-tax profits tomorrow delivering €90 million to the bottom line compared to just €25.2m a year earlier.

DESPITE the massive fall in the price of Ryanair shares, which has seen the value of the airline fall by hundreds of millions of euro, no Irish stockbroker is advising clients to sell the stock.

RYANAIR’S share price finished up 10c yesterday following its near 30% drop on Wednesday.

IRISH Life & Permanent could be the next Irish financial institution to become a takeover target, according to stockbrokers Dolmen.

BANK of Ireland is seen as a strong takeover play by a number of analysts during 2004.

THE impasse at Gresham Hotels took another twist yesterday when the company revealed that a recent approach from a potential buyer had been rejected by its major shareholder.

AN improvement in the sales of life assurance products in 2004 opens the way for significant improvement in the Irish Life and Permanent share price, stockbrokers Dolmen Securities believe.

SHARES in Irish Independent owners Independent News & Media (IN&M) were downgraded yesterday to a hold from a buy by Dolmen Securities as the shares hit a year high price of €2.08.

ANGLO IRISH BANK and AIB Bank share prices are expected to increase substantially according to stockbroking houses.

CONCERNS over the dollar’s weakness has been undermining stock markets and further weakness is expected in the days ahead. Concerns about the dollar’s weakness as well as trade deficits and capital flows out of the US are making investors edgy.