I don't suppose Denis O'Brien is too happy about it but someone sees a golden opportunity in Newtel's bid for Esat Telecom.

Bookmaker Paddy Power is offering odds on the chances of success of the takeover approach by the newly merged Telenor of Norway and Telia of Sweden.

The former has been a partner with Esat in its mobile unit, Esat Digifone, where both hold a 49.5 per cent stake.

Paddy Power reckons the chances of success for the deal rest on a bid in the $90.01-$100 per share range - a long way ahead of the current $72 per share on offer.

The odds of success at $70 to $80 are 7/2, rising to 6/4 between $80 and $90 and 13/8 on $90 to $100. Aspiring investors might take note that the bookie sees little chance of a deal at a higher rate, offering odds of 5/1 on takeover success at $100 to $110 a share and 12/1 above that.

Given Denis's stake, he might do worse than take a side bet at 13/8 . . . as long as a deal is sown up by April 1st, 2000.