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Telecom to Consider Australian Options15 December 2005
TELECOM LAUNCHES FORMAL PROCESS TO CONSIDER AUSTRALIAN
OPTIONS
Telecom today said it would conduct a formal
process to evaluate its future options around its Australian
operations.
Telecom said in October that it had been
approached by several parties regarding a possible sale of
its Australian business, or the possibility of forming a
business alliance. Since that time, further interest has
been shown in Telecom’s Australian operations. In response
to the unsolicited approaches from external parties, Telecom
has initiated a review to consider whether there are
strategies available that would further enhance shareholder
value.
Telecom’s Chief Financial Officer Marko Bogoievski
said a number of credible parties were interested in working
alongside Telecom in the Australian market.
“There are a
number of players out there who have expressed interest in
exploring future options with us in Australia. As yet no
formal proposals have been tabled, but the level of interest
has been such that the best way forward is through a formal
process of engagement,” Mr Bogoievski said.
“We believe
that industry consolidation makes sense, and we are open to
the role that Telecom might play in that. As such, we are
prepared to consider a range of options including a merger,
acquisition, divestment or retention of our Australian
operations. Australia continues to be an important market
for Telecom and its customers. Any action taken as a result
of this process will be centred on shareholder value
creation and enhancing the service provision to our existing
customer base,” Mr Bogoievski said.
Telecom expects that
the process will commence in late January and take some
weeks to complete. An update to the market will b
Source: scoop
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