Government steps in to put a stop to acquisition talks
By Jo Best
Published: 28 November 2005 14:50 GMT
The mooted takeover of Irish broadband operator Eircom by Swiss telco Swisscom looks to be in doubt after proposed intervention by the Swiss government.
Swisscom, which is two-thirds owned by the Swiss government, announced last month that it was in talks to buy the Irish firm.
It's since come to light that the Swiss government's representative on Swisscom's board has been instructed to vote against the takeover, in favour of distributing the cash required for the buy among shareholders.
"The board of directors of Swisscom will review the proposals made by the government representative along with all other corporate, financial and legal issues related to the matter in the course of its regular decision-making," the company said in a statement.
Swisscom added it will act "in the best interest of its shareholders" in the matter.
Talks on the takeover - as well as Swisscom's proposed acquisition of Danish mobile operator TDC - are now on hold, according to reports.
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