Telecom Advised Of Verizon Sale

Published: Fri 27 Sep 2002 10:00 AM
Telecom Advised Of Verizon Sale
Telecom advised that late today it received a substantial security holder notice confirming that Verizon, the holder of 21.5% of the shares in Telecom, has agreed to sell the majority of its holding, namely 370 million shares (approximately 20%).
The stake has been sold to Merryl Lynch for itself and its customers.
Telecom immediately requested a brief trading halt on the Australian Stock Exchange to enable the transaction to go ahead overnight, New Zealand time.
The New Zealand Stock Exchange has been informed. The advice from Verizon came after close of business on the New Zealand Stock Exchange.

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