Tanaiste gives go ahead to Valentia for Eircom purchase

The sale of Eircom to the Valentia consortium heady by Anthony O'Reilly is to go ahead.

Tanaiste Mary Harney has decided the deal does not breach competition law and has given it the green light.

However, Mr O'Reilly has agreed to two behavioural undertakings to eliminate any potential conflict of interests with another company he is involved in - Chorus.

Mr O'Reilly must step aside from any dealings with Chorus and is forbidden from examining papers where Eircom may be in competition with Chorus as it develops telephone services.

From the shareholders point of view, they stand to receive €1.36 per share, in the near future.