Babcock could hold eircom IPO if worker share deal fails, paper says

The Australian majority shareholders of Irish former monopoly fixed line operator eircom, Babcock and Brown Capital (B&B), may hold an initial public offering (IPO) of the telco, if the Employee Share Ownership Trust (ESOT) fails to agree terms to convert its 35% stake in the PTO into shares of B&B. According to a report in the Irish Sunday Times, the Australian fund could look to hold an IPO if the parties fail to strike a conversion deal by 2009. The process to convert ESOT shares has been further undermined by a drop in B&B’s share price over the last year. If the Australian owners proceed with a sale, it would be eircom’s third in just ten years.