This morning Michael Cullen announced plans to sell 45% of Kiwibank:
NZ Post looks to sell 45% of Kiwibank
New Zealand Post plans to sell 45 percent of Kiwibank’s holding company to the Accident Compensation Corporation (ACC) and Super Fund, chairman Michael Cullen has announced.
If the sale went ahead, NZ Post would receive $495 million. It would retain 55 percent of Kiwi Group, while the New Zealand Super Fund holds 25 percent and ACC holds 20 percent.
“When NZ Post’s chair Sir Michael Cullen approached ministers with the proposal, he explained it could give Kiwibank access to extra sources of capital for future growth and broaden its exposure to commercial expertise,” Mr McClay said. He said some of the money gained from the sale would be used to pay off debt. The sale is indicative and is subject to due diligence.
“Kiwibank will remain 100 percent government-owned – that is a bottom-line,” Finance Minister Bill English said. …
Cullen says Kiwibank shares in Super Fund, ACC can't be sold for 5 yrs and Crown has right to buy them – and will. No backdoor privatisation
— Vernon Small (@VernonSmall) April 5, 2016
NZ Super Fund or ACC could not sell outside the existing shareholder base within the first five years
— Jane Patterson (@janepatterson) April 5, 2016
Cullen says government has indicated it would buy back shares after 5 years if need be.
— Corin Dann (@CorinDann) April 5, 2016
So, NZ Post forced to sell its family silver so Nats can pillage to pay for future tax cuts #FuckThat
— Idiot/Savant (@norightturnnz) April 5, 2016