More than 40 expressions of interest in the hotels were registered initially. The way forward for their sale was cleared last week when both management and Siptu, the union representing most of the staff at the hotels, accepted the Labour Court recommendations on the sale of the hotel group to new owners.

The court recommended a condition of sale that any new owners would engage in collective bargaining. It also said management should recommend that owners establish a defined-contribution scheme that would offer the same conditions as currently exist for hotel staff transferring over.

PETREL RESOURCES, reported at its AGM this week that its $197m Subba & Luhais oil field development contract in Iraq is proceeding - the biggest to be awarded since the fall of Saddam Hussein in 2003. MD David Horgan also noted that because Iraq has been the subject of practically no exploration since the 1970s, there may be further prospects of finds in the country. He also predicted that in time Western majors, which have to date been excluded from major contracts, would return to Iraq.

PETROCELTIC, the exploration firm, will begin drilling at its Algerian Isarene site today. The first well will evaluate the "ISAS" prospect where there are three reservoir objectives. In addition to the wells in Algeria, Petroceltic expects that drilling will commence on the "Inishbeg" prospect offshore Donegal in mid August. Petroceltic has a 16.25% interest in Irish frontier licence 1-05 which contains the Inishbeg prospect.

BANK OF IRELAND has helped to finance a 949m takeover of Orkla Media by UK-based Mecom Group, which is owned by David Montgomery. The acquisition will build a new pan-European newspaper publishing company. Oslo-based Orkla, Norway's biggest consumergoods company, will own about 20% of Mecom after the transaction "The Orkla Media acquisition is a major step toward the implementation of Mecom's strategy to build a pan-European newspaper publishing business, " said the company in a statement.

Canadian Imperial Bank of Commerce and Societe Generale also provided funding for the takeover, while the three banks also provided 125m for working capital, acquisition and restructuring charges.

ANTHONY O'BRIEN, a US trader accused of using an Ireland-registered company to establish a multi-million dollar ponzi scheme has been found not guilty by a Cleveland court.

O'Brien was released last week after a court cleared his of charges including . conspiracy, securities fraud and wire fraud.

One Florida plastic surgeon had claimed she lost over $10m.

Leonard Yelsky, O'Brien's lawyer, said during closing arguments that about $8m was stolen by a rogue employee of Magenta Forex. He did not name the employee.