Hutchison seeks Eircom buyout
Hong Kong based Hutchison Whampoa is reportedly pursuing a takeover of heavily indebted Irish operator Eircom, in a bid to boost its European presence.
Sources claim Hutchison Whampoa has already bid €2 billion for Eircom, which filed for bankruptcy protection in March, Bloomberg reports.
The bid has reportedly been made through Hutchison's 3 Ireland subsidiary, and a takeover of Eircom could allow the company to bolster its telecom presence in the nation.
So far the companies are declining to comment publicly on whether such a deal is on the table. But the company handling Eircom's insolvency process, Grant Thornton, has given a deadline of today for final investment proposals from interested parties. So the prospective deal should be confirmed or denied soon.