Eircom union backs Singapore Telemedia bid -papers
DUBLIN, June 26 |
DUBLIN, June 26 (Reuters) - A union representing workers at Irish telecoms group eircom supports the planned investment by Singapore Technologies Telemedia, a unit of Singapore state investor Temasek Holdings [TEM.UL], newspapers said on Friday.
ST Telemedia said on Tuesday it was looking at investing in eircom via its parent Eircom Holdings ERC.AX. [ID:nSIN463482]
It has already won the support of the ESOT group of eircom employee shareholders, who control 35 percent of the company.
It received additional support after the Communication Workers Union, which represents more than 5,000 workers or 85 percent of the indebted Irish company's staff, backed the bid.
"Given that STT is a major industry player, it presents the prospect of an owner that understands the industry, new technologies and who, in our view, is the only credible option given the stated alternatives," the Irish Times quoted Steve Fitzpatrick, general secretary of the Communication Workers Union, as saying. Irish media had previously reported that ST Telemedia had offered around 100 million euros ($139 million) for Babcock & Brown Capital BCM.AX, which holds the remaining majority stake in eircom and owns the Israeli Golden Pages. [ID:nLI70691]
Telemedia already has stakes in a number of telecoms companies, including StarHub (STAR.SI) and Global Crossing GLBC.O. (Reporting by Andras Gergely, editing by Will Waterman) ($1=.7177 Euro)
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