Westpac could follow the Chorus model to quit NZ

Westpac could follow the Chorus model to quit NZ
Westpac NZ is likely to be worth between $10 billion and $15b.
Jenny Ruth
If Westpac really does want to quit New Zealand, one option is to completely separate it from the Australian parent and to distribute shares in it to existing Westpac shareholders, much as the former Telecom did with Chorus.Since those shareholders already own it, that would avoid the need for a capital raising – Westpac NZ is likely to be worth between $10 billion and $15b.Even if the Australian parent kept half the NZ bank, a float between $5b and $7.5b would be ginormous compared to the largest ever NZ float, the $1.9b Meridian Energy...

More Markets

NZ sharemarket ends week down 0.8%
Markets Market Close

NZ sharemarket ends week down 0.8%

The S&P/NZX 50 Index closed at 13,024.7, down 35.38 points or 0.27%.

Graham Skellern 24 Jan 2025
Being AI vs Clare Capital: $150k settlement reached
Markets

Being AI vs Clare Capital: $150k settlement reached

Being AI filed defamation proceedings against Clare Capital and its directors in April.

John Anthony 24 Jan 2025
Akaroa King Salmon boss steps down after 23 years
Primary Sector

Akaroa King Salmon boss steps down after 23 years

Scotsman Stewart Hawthorn takes over from Duncan Bates as Akaroa King Salmon CEO.

John Anthony 24 Jan 2025
Blair Turnbull named CEO of Milford Asset Management
Markets

Blair Turnbull named CEO of Milford Asset Management

Blair Turnbull is set to take the helm as chief executive of Milford Asset Management from March 12.Turnbull, currently CEO of Tower, replaces Mark Ryland. “As we welcome Blair to Milford, we extend our appreciation to Mark Ryland, who will step down as CEO on Blair’s commencemen...

Staff reporters 24 Jan 2025