Senate approves Telstra legislation

15 Sep 2005

Australia’s senate has approved legislation for the full privatisation of state owned incumbent operator Telstra, clearing the way for the final approval of the sale by the lower house, expected today. The senate was 37 to 35 in favour of selling the government’s 51.8% stake in the telco. The sale, expected to take place sometime in 2006, will raise around AUD30 billion (USD23 billion).

Australia, Telstra (incl. Belong)