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 up 0.5% ahead of long weekend
Markets Market Close

NZ sharemarket up 0.5% ahead of long weekend

Pacific Edge's share price fell 7.32%.

Tom Raynel 24 Apr 2025
Pacific Edge suffers another setback in US
Markets

Pacific Edge suffers another setback in US

Shares in cancer diagnostics company Pacific Edge are down 2.44% to $0.120 after another setback in the US market.The US District Court for the Middle District of Pennsylvania has determined that it does not have jurisdiction to review a Local Coverage Determination (LCD) that co...

Staff reporters 24 Apr 2025
Listed retailers stand to gain from Trump tariffs:  Forsyth Barr
Retail

Listed retailers stand to gain from Trump tariffs: Forsyth Barr

Forsyth Barr lifted its KMD Brands target price by 10.4% after Trump tariff walkbacks.

Gregor Thompson 24 Apr 2025
NZ sharemarket rises as Trump backs down
Markets Market Close

NZ sharemarket rises as Trump backs down

The S&P/NZX 50 Index closed up 1.01% or 119.78 points.

Tom Raynel 23 Apr 2025