Harney clears Valentia takeover of eircom

Tánaiste and Minister for Enterprise, Trade and Employment Mary Harney, has cleared the takeover of eircom by the Tony O'Reilly-led Valentia consortium.

The minister has been examining the €3bn offer for the former state owned Irish telecoms company under mergers and takeovers legislation.

A decision to refer the deal to the Competition Authority could have delayed approval by up to three months.

Valentia has already received acceptances from the required 80% of shareholders needed to take control of the company, and the €1.365 per share offer is expected to become wholly unconditional today.

This means that shareholders who accepted the offer should get their money within 14 days.