The Meridian Energy partial privatisation is so large it may have to be split in two for the government to meet its commitment that the company will be between 85 percent and 90 percent New Zealand-owned when it lists, Prime Minister John Key says.
The comments come as the share price for MightyRiverPower sank to a new low of $2.37, 13 cents under its $2.50 a share listing price barely two weeks ago.
Even though only a minority 49 percent stake in the company will be offered for sale, Meridian's total value at around $5.3 billion would make it the largest company on the NZX and local retail investors could struggle to take up their full entitlement if the sale was staged in a single offering later this year.
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