EIRCOM ESOT WARMER ON TAKEOVER? - The Irish Times says Babcock & Brown could edge closer to making a bid for Eircom today, with the board of the telecoms company expected to discuss the matter at a meeting.
According to the paper, Babcock is also thought to have made progress in convincing Eircom's staff of the merit in a takeover. Attending today's meeting will be Eircom chief executive Philip Nolan. Eircom executives have declined to comment on the Babcock & Brown approach over the last few weeks.
The Irish Times says the Employee Share Ownership Trust (Esot), which controls 21.5% of Eircom, is believed to be well disposed towards an offer from the Australian fund and may be prepared to publicly support an indicative approach. Unions representing the staff had previously criticised Babcock for failing to meet them to talk about a takeover.
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ONLY 3% OF CLASS OF 2004 OUT OF WORK - The Irish Independent says the number of graduates has more than doubled to 50,000. It reports on a new survey which also shows that most are doing well in the job stakes with only 3% of graduates out of work nine months after graduation.
Best paid are architects with around two-thirds of them starting on salaries of at least €25,000 a year, and some of them earning more than €33,000. More than half of the engineering graduates began on salaries of at least €25,000 a year. More than half the 'working' graduates have jobs on the east coast - mainly in the Dublin area, while only 3% are working in the northwest and Donegal, with slightly more in the midlands.
Carried out by the Higher Education Authority (HEA), the survey covers the record 48,126 students who graduated in 2004 and was conducted nine months after they qualified. At the time of the survey, 56% of the graduates had found jobs and another 36% were engaged in further studies.
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CHINESE CAR FIRM TO SELL IN EUROPE - The Financial Times says Shanghai Automotive Industry Corp, China's largest car maker, plans to begin exports to Europe next year of cars based on designs from MG Rover, the failed British car maker.
The FT says the plan by SAIC Motor Manufacturing Co to sell cars in western markets highlights the ambition of Chinese car makers to create and acquire more sophisticated vehicle technology.
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MONTGOMERY NOW EYES SCANDINAVIAN GROUP - The Daily Telegraph reports that former Mirror Group chief executive David Montgomery has Scandinavian media company Orkla Media in his sights as he continues his advance across Europe following several European regional newspaper buys.
Norwegian industrial conglomerate Orkla has appointed investment bank Deutsche Bank to carry out a strategic review of Orkla Media, its regional newspaper and magazine business.
The paper quotes a source involved in the sale as saying that Mr Montgomery, through his investment vehicle Mecom, has already received an information memorandum on Orkla Media and is considering making an offer.
But the Telegraph says the potential sale of Orkla Media, which analysts think could be worth between £700m and £900m, is unlikely to be a simple process. The company publishes regional newspapers and magazines in several countries, including Norway, Denmark and Poland.
