October 2006
Telecoms: T3 Telstra sale troubled by tiffs
Australia is going ahead with a scaled-down sale of its Telstra holdings. But tension persists between the telecom operator and the government.
By Chris Wright
|
Telstra CEO Sol Trujillo’s outbursts before the T3 government sale have rattled politicians |
The on-again, off-again privatization of the Commonwealth of Australia’s remaining stake in national telecom company Telstra will go ahead. However, the acrimony surrounding the sale seems set to dog it to its conclusion.
T3, as the sale is dubbed, will finally involve an A$8 billion (US$6 billion) stock offering to investors in October and November, dramatically less than the A$18.4 billion that was expected at one point but still Australia’s largest sale since 1999 and the largest telecoms offer in the world since 2003. The remainder of the government’s 51.8% stake in the telco (probably about 30% of the total stock) will go into the Future Fund, an investment vehicle set up by the federal government to meet public sector pension liabilities.
You must be a Level 2 subscriber to access this archived content.
If your subscription includes access to the archive, please log in now to view.
To gain access to this content visit the subscription page or call our hotline on +44 (0)207 779 8999.
Subscribe online now and save up to 30% on your subscription.
If you are a trialist or subscriber, please enter your username and password at the top right-hand side of euromoney.com
Subscribers to Euromoney benefit from:
Level 1:
- Online access to the past 12 months content
- Tailored RSS news feeds direct to your desktop
- News delivered directly to your mobile device or PC
- Personalised email newsfeed of 'Top stories' and 'Breaking news'
Level 2:
- Exclusive access to euromoney.com - Read the latest issue early online, search for specific developments by region or sector, interrogate the results of Euromoney's benchmark polls, and view the archive dating back to 2000
- 12 monthly issues of Euromoney magazine
- More than 30 specialist research guides free
- The results of Euromoney’s polls and surveys
- Tailored RSS news feeds direct to your desktop
- News delivered directly to your mobile device or PC
- Personalised email newsfeed of 'Top stories' and 'Breaking news'
Click here to subscribe