US-based investment management firm BlackRock had acquired a 4.98% stake in incumbent Telecom New Zealand.
The 96 million shares were purchased via 16 BlackRock subsidiaries. The firm recently said that, as of 30 September 2011, its assets under…
US-based investment management firm BlackRock had acquired a 4.98% stake in incumbent Telecom New Zealand.
The 96 million shares were purchased via 16 BlackRock subsidiaries. The firm recently said that, as of 30 September 2011, its assets under management totalled US$3.35 trillion.
Meanwhile, Telecom NZ has announced that its infrastructure unit, Chorus, will be listed on the New Zealand Exchange on 23 November.
The company is currently in the process of separating its retail unit from its infrastructure unit, as part of the country’s US$2.8bn ultra-fast broadband project (UFB). The move is aimed at allaying competition concerns.
Telecom shareholders will receive one Chorus share for every five Telecom shares held on the record date of the demerger.
Telecom NZ has already received government and shareholder approval. Final court orders are expected by 14 November.
