Key confirms Meridian float, will lodge offer document on Friday

The government will go ahead with its planned partial sale of Meridian Energy and will lodge the offer documents on Friday.

Prime Minister John Key confirmed the partial privatisation at today's post-Cabinet press conference in Wellington, saying pre-marketing will begin tonight with a listing aimed for Oct. 29. The indicative price range will be included when the prospectus is lodged with the Companies Office on Friday.

The Meridian sale would be done in a staggered process where investors would pay 60 percent of the offer price, and the balance over the next 18 months after receiving full dividend payments during that period.

The government is still considering whether to sell down its stake in national carrier Air New Zealand and Genesis Energy, Key said. If the Genesis sale goes ahead, it will be in the first half of next year.

BusinessDesk.co.nz

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