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NZ Treasury appoints Australia's Lazard to advise on asset sales

Tuesday 1st November 2011 1 Comment

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The New Zealand Treasury has appointed Australian investment banking firm Lazard Pty as an independent adviser for asset sales.

The National Party has said that if it wins a second term in government at the Nov. 26 election it will sell minority stakes in Mighty River Power, Meridian Energy, Genesis Energy and Solid Energy and reduce the Crown’s shareholdings in Air New Zealand to raise $5 billion to $7 billion. The Government will keep at least 51% of shares.

Lazard's Australian team includes former Australian Labor Party leader Paul Keating, who is listed as chairman of corporate advisory international. Lazard's managing director in Australia is John Wylie, who worked on the privatisation of Qantas and the selldown of power companies by the Victorian government.

The appointment of Lazard until December 2012 is conditional, according to a notice on the Government's electronic tenders service.

The mandate is for the design of, and participation in, the pre-qualification process for sales advisers, including joint lead managers and other parties, and subsequent appointment of sales syndicates.

Lazard will also provide independent quality assurance of the sales programme advice prepared by the Crown adviser and independent advisory services during the consultation and execution phase for each transaction, the notice says.

No value of the contract was stated.

In July, Treasury said it appointed Deutsche Bank and Craigs Investment Partners as the Crown's sole financial advisers for preparatory work on extension of the mixed ownership model. That contract period was due to end prior to the November general election.

BusinessDesk.co.nz



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Comments from our readers

On 27 December 2011 at 12:53 pm Julie Head said:
NEW ZEALAND BEWARE- of the 'Grim Reaper,' Fabian Socialist Keating sold off Australia's assets and Commonwealth Bank to. Australia is now becoming a communist third world nation and banana republic which he predicted. This is the New World Order or Global Government the international banker's dream to own and control each country. GOOGLE THE OPAL FILE the secret history of Aust and NZ and the traitors behind the monopolising of resources in NZ and Australia. Australia has been sold off against the people's will as the Labour party are Fabian Socialist dictators that can't be stopped even when treason trials have been organised for them. Google 'Brian Shaw - United Nations trap' or 'Australia Government treason' you tube.. Australia now has anti-poverty week, over 100,000 and 25.000 teenagers homeless, one third of the population living below the poverty line. 150.000 people can't afford to pay their electricity and water bills since the sale of assets and electricity and water. So, kick Paul Keating out to save New Zealand as he works for the international bankers that advise sell offs to pay debt on interest that extravagant governments rack up and leaves nations poor and no assets like Australia. Australians loathe Keating's arrogance, conceit and ridicule of Australians and cannot stand him poking his unelected and unwanted nose into promoting the Asian Pacific Union Community like the European Union where Australia will become an Asian country to fit in with the third block of World Government. The Fabians acheive this by immigration and fake humanitarianism and discriminating against Aussies. We are no longer the lucky country but unlucky to have a treasonous government that hate Australia and Australians and sold us out. Most of us who are aware of what is happening fear for our children's future. Paul Keating, said Australia was the 'arseole' of the earth which best describes himself and the international bankers and thats what Australians know him as and call him.
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