Employees to Get Stake in Telecom Eireann

Telecom Eireann, the Irish telephone company, will sell employees a $400 million, 14.9% stake as part of its planned intial public offering next year. The company is being privatized, with 35% of the shares already owned by Dutch and Swedish telephone companies. The sale to employees was negotiated with the company's unions in exchange for a 25% workforce reduction over the next five years.