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Air NZ shares sell before referendum
Opposition parties are warning of higher fares and even a second taxpayer bailout after the Government put another slice of Air NZ on the block.
Opposition parties are warning of higher fares and even a second taxpayer bailout after the Government put another slice of Air NZ on the block.
The Government has now begun the process to sell 20 per cent of Air New Zealand shares.
Air New Zealand will spend up to A$116 million (NZ$130 million) buying into a rights issue by Virgin Australia to maintain its shareholding in the Australian carrier to 25.5 per cent.
Air NZ's share sell-down is likely to be priced at a small discount due to demand, and its success will be greater than power company share floats, an analyst says.
The Government is being tipped to sell down its stake in Air NZ early next week ahead of a referendum asking Kiwis if they support partial sales of state-owned assets.
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The Government is still working through the best way to sell down its stake in Air New Zealand but says it will be a faster sales process than the power companies.
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