Race for Telstra stake to begin tomorrow

28 Feb 2005

Several international investment banks are preparing bids to oversee the privatisation of Australia’s incumbent telco Telstra. The AUD30 billion (USD23.5 billion) privatisation process will begin tomorrow, with around twelve banks having been shortlisted to undertake a ‘scoping study’ which will examine the best way to sell the government’s 51.8% stake. The study is expected to be completed by June this year, although the actual sale will not take place until 2006. The process will be the world’s biggest share offering, overtaking the USD18 billion listing by NTT DoCoMo in 1998.

Australia, Telstra (incl. Belong)