The court gives Maori claimants a small bone by rejecting findings last year in the High Court that the cabinet decision to sell a stake in MRP could not be judicially reviewed.

While up to $10 million is significant, the government does not want to risk losing more if the issues around Maori claims to water rights are resolved when the float occurs.

Up to 250,000 retail investor applications are expected for each of the power company sell-downs.