Telecom NZ silent on AAPT plans

Telecom New Zealand would not confirm reports in some Sydney newspapers yesterday that it has plans to increase its 19.8 per cent stake in AAPT to around 50 per cent.

Angus Barclay, financial communications manager, Telecom NZ, said the carrier was looking at its options but had not yet taken a decision on whether to up its stake in AAPT.

Earlier this month Telecom NZ purchased almost 9 per cent of AAPT, increasing its stake to almost 20 per cent and making it the largest shareholder in AAPT.

The move came after Cable & Wireless Optus' agreed to drop its hostile takeover bid for AAPT, following a request from the Australian Competition and Consumer Commission that the bid be withdrawn.

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More about AAPTAustralian Competition and Consumer CommissionCable & WirelessOptusTelecom New Zealand

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