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.
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