Hart eyes Telecom takeover

New Zealand billionaire Graham Hart could be lining up a takeover for Telecom, according to the Dominion Post.

The communications giant has seen its share price drop by 20 per cent in the past month when the Government announced it would be regulated, forcing it to open its monopoly on local phone lines.

The newspaper reported today Mr Hart had been looking at both Telecom and brewer Lion Nathan, with both companies now well within his financial reach.

Mr Hart would not comment yesterday but his Australian business Burns Philp is sitting on an estimated $3.5 billion cash pile.

- NZPA