Shares in Esat Telecom rose as high as $82 yesterday before closing at $80.25, up $3.25, following confirmation that Telenor would pursue its bid for the company, independently of its former partner Telia.

As reported in Saturday's Irish Times, Telenor, which is a 49.5 per cent shareholder in Esat Digifone is making a solo bid for Esat Telecom, the other 49.5 per cent shareholder in Digifone.

The bid for Esat was made using the Newtel Ireland AB vehicle, in which Norway's Telenor and Sweden's Telia were joint partners.

Yesterday Telenor said it had bought Telia's Newtel shares. The company has been renamed Telenor Ireland AB.

Telenor had to get the Irish Takeover Panel's agreement for the move.

The original offer of $72 per American Depository Receipt (ADR) stands.

When news of the merger being decoupled emerged last week, Esat's shares fell sharply, but soon recovered.

However, the shares had opened yesterday at $76 1/4, well off their $83 1/2 all-time high.