Telstra in A$30 billion sale
by Brian Turner
The Australian government, in the last stage of privatizing Telstra, the former telecommunications monopoly, has said that it expects to realize around A$30 billion in the sale of its remaining 51.8 percent of shares in the company.
This estimate is based on a share price of A$5.25 each. However, that price is well ahead of prices at which shares in the company have been trading recently.
The government has denied, however, that it has set any price for the shares, which are scheduled to be sold next year. The government is also said to be thinking of raising the limit of allowed foreign ownership I Telstra from the current level of 35 percent to 49 percent.
Finance minister Nick Minchin has said that there is no real difference between the two levels, as both maintain majority Australian ownership in the company. However, analysts say that it might be difficult to create that much foreign interest in Telstra.
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