You've got to hand it to BT. Not content with swiping the prize of Esat Telecom from under the noses of its nominal allies at Telenor, it proceeded to rub the vanquished Norwegian group's noses in it.

Through all the turmoil, Telenor appeared to work on the basis that there was a fair price for Esat and, if it was not accepted, Telenor at least had a stranglehold on Digifone, one of the jewels in the crown. It had pre-emptive rights on the purchase of the pivotal 1 per cent share owned by Dermot Desmond in the event of any outside suitor approaching . . . or so it thought.

Imagine then how group executives felt when they found not only that their offer for Esat had been trumped but that the aggressor - BT, with whom it has shared investments in several states - had found a loophole enabling it to secure majority control of Digifone and devalue Telenor's trump card. So much for partnership.

Still at least Telenor may end up with a 49 per cent stake of the entire Esat group following talks with BT unlike ESB, partner with BT in rival telecoms group Ocean, which has been left out in the cold.