O'Reilly joins bidding for Eircom

Media magnate Tony O'Reilly has joined the bidding war for the non-mobile business of Eircom.

Dr O'Reilly is believed to have the backing of international financier George Soros, and between them they have raised more than €2.5bn for the project.

Esat founder Denis O'Brien is also expected to make a fresh offer for the company later this week, even though his E-Island consortium has already had a bid of €2.2bn rejected.

It is understood the Eircom board considers Mr O'Brien's takeover attempt as hostile.