Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.Launch Radio player
Prime Minister John Key expects the cabinet to rubber stamp its partial asset sales plan on Monday.
He says ministers will sign off on the order-in-council to remove Mighty River Power from the State Owned Enterprises Act to the mixed ownership model legislation, paving the way for the sale process to begin.
The government will then invite offers to buy shares.
Mr Key cannot confirm whether the sale process will be under way by the May 16 Budget day.
He says the cabinet decision to delay the process while it consulted with iwi and evaluated the merits of the shares-plus concept helped it win the Supreme Court case.
“If we hadn’t have done those things, we might have been in real strife when we got to the Supreme Court. So we followed the right process, had the right advice from Queen’s counsel David Goddard.”
Business New Zealand chief executive Phil O’Reilly has welcomed the decision, saying it adds clarity and will also provide a huge opportunity to develop capital markets.
“The decision will provide a boost to business confidence and confidence in capital markets.”
This article is tagged with the following keywords. Find out more about MyNBR Tags
- 'Business PAYE' on cards as McClay promises tax overhaul
- Mad Butcher hits back at 'grossly inaccurate' claims
- Albany Heights’ creditor claims swell as liquidators take action
- Key's choice to attend cricket over funeral labeled 'a mistake'
- Christchurch Airport says Air NZ canceled route it will weigh on the South Island economy