KEY POINTS:
The Government and Toll have moved closer to agreeing on a price for the purchase of Toll's rail and ferry business, Finance Minister Michael Cullen says.
Dr Cullen confirmed a fortnight ago the Government had made an offer for Toll's rail and ferry business, but the Crown and company remained more than $200 million apart on agreeing a fair price.
Dr Cullen today said negotiations at the weekend had seen the two parties move closer together.
"We're not as far apart as we were a week or so ago, by quite some margin," he told reporters.
"I wouldn't want to say it's imminent, but as I say I think we're a lot closer than we were a week or so ago."
Dr Cullen said he was unsure when the next round of negotiations would be held, but he expected to discuss the issue on the sidelines of a function both he and Toll's chief executive would attend on Thursday evening.
The Dominion Post reported earlier this month the Government was poised to make Toll start paying the full price of access to the rail track network, which the Government owns.
Toll has been paying about $48 million a year since an access deal was struck in 2004, with the Government picking up the shortfall of about $10 million needed to maintain and improve the tracks.
Improving the rail system is central to the Government's plans to curb greenhouse gas emissions.
- NZPA
