Government reveals terms for reduced Telstra sale

Existing retail investors get sweet deal with discounted price, bonus shares and high yield. The deal is expected to raise A$8 billion.

It was not without a certain sense of accomplishment and pride that the Australian government yesterday revealed the final details of its long-awaited third sale of Telstra shares known as T3.

While reduced in size to about A$8 billion $5.9 billion from initial expectations of A$10 billion, the sale will see the government divest about one third of its remaining 51.8% stake in AustraliaƆs largest operator of fixed line and mobile telecom services, finally ending its days as a...

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