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

31 Mar 2008

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.

Ireland, eir

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