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INVESTMENT

Eircom confirms Eircell sale talks

09-10-2000

by

Eircom issued a statement Monday morning confirming it is in talks regarding the sale of its mobile subsidiary, Eircell.

Eircom, which closed at EUR2.46 on Friday, was trading up 14 percent in early morning trading Monday to EUR2.82 following the weekend rumours.

In a brief statement Eircom said, "Following weekend media comment Eircom confirms that it is in preliminary discussions which may or may not lead to the disposal of part or all of Eircell, its mobile subsidiary. A further announcement will be made as and when appropriate."

The statement followed a Sunday Times report that Vodafone is in negotiations to buy all or part of Eircell, which is valued at around EUR4 billion and is one of the most lucrative divisions of Eircom. Last week Vodafone paid STG1.7 billion for a 2 percent stake in China Mobile.

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