3 Ireland makes another offer of €2Bn for bankrupt Eircom

According to a recent article in the FT, Hutchison Whampoa, the Hong Kong conglomerate controlled by billionaire Li Ka-shing, has made a €2bn ($2.6bn) bid for Eircom, the Irish phone company that recently underwent the biggest corporate bankruptcy in Ireland’s history.

Eircom received court protection in late March to restructure its €4.1bn of gross debt, in a process known in Ireland as examinership, which protects the group’s assets from creditors for up to 100 days while it tries to restructure.

This offer follows hot on the heels of Vodafone’s bargain £1Bn acquisition of Cable Wireless UK business late last month.  This just proves that consolidation in the European Telecom’s sector is happening at all levels.