24 Oct 2012

Crown win should clear way for asset sales - English

8:35 am on 24 October 2012

Finance Minister Bill English says if the High Court finds in its favour next month, its partial asset sales programme should go ahead as planned.

The court has set a date of 26 November to hear the Maori Council's bid to stop the sale of up to 49% of state-owned power company Mighty River Power until Maori rights and interests in water are determined.

The partial share float is planned for between March and June next year. Shares are later due to be offered in Genesis Energy, Meridian Energy and Solid Energy.

Mr English says he's been advised that if the Crown wins the case it will clear the way for the partial sales of all the state-owned energy companies it wants to float shares in.

He says it was always likely there would be some kind of court action, and the Government wants the matter sorted out quickly.