government-reveals-terms-for-reduced-telstra-sale

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 AustraliaÆs largest operator of fixed line and mobile telecom services, finally ending its days as a publicly-owned company. The overhang wonÆt be completely reduced, however, as the governmentÆs remaining shares will be transferred to the Future Fund, which was set up earlier this year to deal with some of the governmentÆs...
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