Irish investors are being given the opportunity to invest in Deutsche Telekom, one of the biggest companies in Europe.

NCB Stockbrokers and Ulster Bank have been appointed to handle the Irish element of a pan-European retail share offering by Deutsche Telekom. This is the first ever retail share offering across all the euro zone countries and more than 256 million new shares will be sold as part of a fund-raising exercise by the German group.

The exact price at which the shares will be sold will not be decided until a Europe-wide institutional bookbuilding exercise is completed next month but at Deutsche Telekom's closing price yesterday of €38.25, the 256 million new shares would be worth €9.8 billion (£7.7 billion).

According to Deutsche Telekom shares will be offered on equal terms through a public offer across all euro member-states and that all retail investors applying through a retail syndicate bank (Ulster Bank/NCB in Ireland) will be eligible for incentives in the form of a price discount and bonus shares. A single transparent euro zone-wide allocation policy will be monitored by an independent trustee

There will be a minimum investment of 50 shares (currently worth €1,925 or £1,516), with no maximum size put on orders. Incentives include a discount of 25 per cent on the price paid by institutional investors, as well as a bonus allocation of one share for every 10 held after a 12-15 month holding period. The discount and bonus shares will only be applied to orders received before June 15th.

The retail offer closes on June 24th, pricing and allocations will be decided on June 26/27th and trading will begin on June 28th. Telekom wants the new shares to raise cash for acquisitions. The government still owns 72 per cent of Telekom, but by law cannot sell its shares until 2000.