A clash of the titans is in prospect if reports of Tony O'Reilly's interest in taking over Eircom's fixed-line business prove to have substance. It would be a clear case of the old warhorse versus the young Turk as Dr O'Reilly squared up to Denis O'Brien, formerly of Esat Telecom.

The certain winners will be Eircom shareholders as any bid battle is likely to increase their chances of recouping their initial investment or, whisper it softly, even making a gain.

But the old master is playing his cards close to his chest and his objectives remain unclear.

For his part, Mr O'Brien won a cracking deal from BT in disposing of Esat and any dogfight with Dr O'Reilly should be quite a spectator sport.