BUSINESS WEEK : Rothwell's €38m move keeps MBO hopes afloat
THE battle for control of Irish Continental Group took a new twist when chief executive Eamonn Rothwell spent €38.5m on shares in the group, enabling his management buyout team to block the rival offer from the One51/Doyle Group consortium.
The move has the power to leave the takeover of the Irish Ferries operator in a stalemate situation, according to corporate finance sources.
SHARES in Tullow Oil surged ahead by 13pc and added €550m to the value of the company after it confirmed a major oil discovery off Ghana.
EIRCOM could be facing its first strike in over 20 years. The company, which is 35pc-owned by current and former employees, is embroiled in a row with unions over the 2pc pay increase due to employees under Towards 2016, the national partnership agreement.
NATIONAL Irish Bank insisted that it remains committed to Towards 2016 despite agreeing to give staff a pay hike which is 2pc above the partnership agreement. The increase, to take effect from next February on top of the 2.5pc incremental pay increase due under T2016, will affect all pre-management staff at the bank.
THE 1,700 staff at Bord na Móna could be in for an average share windfall worth over €6,500 if they vote for an employee share option scheme, which will see the employees receive 5pc of the company.
PROVIDENCE Resources will drill an exploration well on its Hook Head prospect off the south coast next month, chief executive Tony O'Reilly Jnr told shareholders at the company's annual general meeting in Dublin.
TESCO Ireland continued to perform strongly, despite slower than expected UK growth which caused a share fall of 4.9pc at close of trading last Tuesday.
THE chief executive of the Dublin Airport Authority said he does not expect the aviation regulator to sanction an immediate rise in airport charges to facilitate Dublin Airport's €1.2bn capital expenditure.
RUGBY'S Munster Branch is hoping to raise between €12m and €15m from controversial plans to sell naming rights to the Thomond Park sports ground.
MANOR Park Homebuilders chief executive Michael O'Driscoll made a late charge to take over the company as bidding entered the final stage.
CONSUMER electronics group DSG Ireland, owners of Dixons, PC World and Currys brands, saw sales rocket 29pc in the year to April 28.
INDEPENDENT News & Media (INM) has bought back 2.5m, or 0.3pc, of its own shares in a move which the company linked to a New Zealand debt instrument, which could lead to as many as 50m (INM) shares coming on the market later this year. LEAH McLENNAN
