Reports: Swiss Government Vows to Veto Move for Eircom

Dublin -- According to news reports, the Swiss Finance Ministry has
threatened to block any move by local telecommunications bellwether
Swisscom to acquire Eircom, the incumbent telecommunications
operator in Ireland. Swisscom, which is controlled by the Swiss state,
announced two weeks ago that it was in talks with Eircom about the
possible takeover of the Irish firm. A volte-face by the company last
week, however, has scuttled the deal. "We have told Swisscom that the
government does not want them to get involved there (with Eircom),"
ministry spokesman Dieter Leutwyler told Reuters. "The
(government's) board representative has been instructed to vote against
such an engagement." The news has caught many analysts and
investors by surprise, as many believed the deal was a foregone
conclusion; Eircom's shares fell by as much as 16% in late afternoon
trading.
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