Let the asset stripping begin......

Dangger

Taken from http://www.ireland.com/newspaper/finance/2002/0503/247849184BWEIRCOM1.html

and to think they onlyput 125 million into DSL yet made 185 million on the sale of the Goldan Pages!!!

Eircom sold its 63 per cent stake in the Golden Pages yesterday to Dutch publisher VNU for €185 million - its first major divestment since it was acquired by Valentia, a consortium of venture capitalists led by Sir Anthony O'Reilly.

Winters

Humm. eircom are just a load of scabby basdards as we all know. I wonder if all the Shareholders saw that 60Million they didnt spend...

Dangger

Well since they are private now I'm guessing al the profit from such sales goes direclty into the 2 billion debt incurred after the purchase of the company. Its interesting to see the talks with IBM faltering with regards to IT outsourcing however. IBM and Eircom have not been "best buddies" in the past. The next logical step for them however is it to strip the workforce which will be a head ache with the union (ESOT I think) having such a holding. Oh and look out for some prime retail space for sale round town in the not too distant future!

dahamsta

There's Good and Bad in this. Good in that it's encouraging to see them divesting themselves of non-core assets, and might be a sign that they intend concentrating on actual comms. Bad in that they're divesting themselves of something that actually makes money.

adam

aidan_dunne

Or more to the point, adam, I think it shows once again that Eircom just haven't got a clue what they're doing or how to run a business.

Dangger

Good in that it's encouraging to see them divesting themselves of non-core assets, and might be a sign that they intend concentrating on actual comms

Well that is the plan they say, to focus on fixed line business and ditch the rest. They are currently negotiating with IBM to outsource their IT work too.

dahamsta

Well that is the plan they say, to focus on fixed line business and ditch the rest. They are currently negotiating with IBM to outsource their IT work too.

Well, you know my position on that Dave: they should sell off the retail division immediately and concentrate hard on their infrastructure. They should be /forced/ to do it. Last weeks cries of indignation from MP's in the UK about BT's incestual relationship with their retail division should be a warning to us. We're already several years behind Britain, we should be learning from their mistakes.

If British MP's think that /their/ Internet marketplace isn't competitive enough, /our/ Competition Authority should be taken outside, hung, drawn, quartered and then shot, just to be sure. And our telecommunications Regulator? In an ideal world, she'd self-destruct out of sheer embarassment.

When I compare Ireland to the UK, it makes me want to cry. Countries like Sweden just make you want to slit yer wrists and be done with it.

Fibre rings my arse. Next thing we know, they'll be wanting Kellogg's to sponsor them.

adam

Lemming

Originally posted by dahamsta
Fibre rings my arse. Next thing we know, they'll be wanting Kellogg's to sponsor them.

OOooo ... the temptation to make a remark about fibre, rings, arse, and kelloggs all appearing in the one line

But seriously though, how much revenue will this hatcet-job lose eircom?

More importantly, how to they plan to compensate for any loss of revenue? More outrageous prices on the beliguered consumer?? :rolleyes:

sceptre

Originally posted by dahamsta
Last weeks cries of indignation from MP's in the UK about BT's incestual relationship with their retail division should be a warning to us. We're already several years behind Britain, we should be learning from their mistakes.

And in case anyone missed that one on the news and feels like a good cry, read
http://news.zdnet.co.uk/story/0,,t269-s2109619,00.html

Fallschirmjager

LEMMING...NOW THAT IS FUNNY!!!! LOL NEar busted my ass...


is their any fibre in kelloggs??? certainly not in eircon


excellent post...made my day LOL LOL LOL

infomat

Originally posted by aidan_dunne
Or more to the point, adam, I think it shows once again that Eircom just haven't got a clue what they're doing or how to run a business.

I don't believe that Tony O'Reilly and friends do not know how to run a business. Unfortunately, they (ie the new owners) know exactly what they are doing and that is squeezing the last penny out of a number of assets which were handed to them on a plate by the Government at the taxpayer's (and consumer's) expense.

infomat

Originally posted by sceptre


And in case anyone missed that one on the news and feels like a good cry, read
http://news.zdnet.co.uk/story/0,,t269-s2109619,00.html

When I visited the above mentioned link there was a very large advertisment for EIRCOM I-STREAM ... someone has a sense of humour.