Babcock & Brown ups eircom stake

Australian investment fund Babcock & Brown Capital yesterday increased its directly held stake in Irish incumbent eircom to 16.3% after buying shares worth EUR341.5 million (USD407 million) at an average price of EUR1.96 per share. In addition, Babcock & Brown’s banking parent now owns 1.7% of the telco, giving the Aussie group a combined shareholding of 18%, up from 12.5%. eircom is currently considering a preliminary approach from the Australian firm, which could lead to a takeover bid.