Lowry warned on `mistake'

THE Minister for Communications, Mr Lowry, said the plans for finding a strategic alliance for Telecom Eireann were on target…

THE Minister for Communications, Mr Lowry, said the plans for finding a strategic alliance for Telecom Eireann were on target. "I look forward to bringing a proposal to Government before the summer recess," he told the Fianna Fail spokesman, Mr Seamus Brennan.

Mr Brennan said it appeared the Minister was about to make a serious mistake. Neither of the two bidders remaining had put up proposals which met the Government's expectations. The Minister, in effect, would be selling a third of Telecom to Swedish and Dutch financial institutions. He should call off the negotiations.

Mr Lowry said the bids received were preliminary. When a conclusion was reached he would be able to put a strong proposal to Government in respect of a successful bidder.