PRIVATIZATION – GOVERNMENT POLICY – NEW SOUTH WALES

Berejiklian to reap $10bn sell-off bonanza

roymorgansocial Leave a comment

Original article by Andrew Clennell
The Australian – Page: 1 & 4 : 5-Oct-17

The New South Wales Government has revealed plans for further asset sales ahead of the state election in 2019. It expects to gain about $A5bn from the sale of a 51 per cent stake in the WestConnex motorway, with the proceeds to be reinvested in development of the M4-M5 link project. The Government may consider divesting its remaining stake in WestConnex in the future. It also anticipates raising at least $A5bn from selling its 58 per cent stake in Snowy Hydro to the Federal Government.

CORPORATES
NEW SOUTH WALES. DEPT OF PREMIER AND CABINET, NEW SOUTH WALES. THE TREASURY, WESTCONNEX, SNOWY HYDRO LIMITED, AUSTRALIAN LABOR PARTY, NATIONAL PARTY OF AUSTRALIA, NEW SOUTH WALES. LAND AND PROPERTY INFORMATION SERVICE, AUSTRALIA. DEPT OF THE TREASURY, TRANSURBAN GROUP LIMITED – ASX TCL, VICTORIA. DEPT OF TREASURY AND FINANCE

Super funds $16b swoop on Ausgrid

roymorgansocial Leave a comment

Original article by Angela Macdonald-Smith, Sarah Thompson, Anthony Macdonald, Geoff Winestock, Jenny Wiggins
The Australian Financial Review – Page: 1 & 12 : 21-Oct-16

The New South Wales Government’s deal to sell a 50.4 per cent stake in Ausgrid to AustralianSuper and IFM Investors without undertaking a competitive auction process may come under scrutiny. Some observers believe that the Government could have gained a better price for the electric power distributor if other interested parties had been allowed to bid. The Government opted to accept the unsolicited $A16.189bn offer from the two superannuation groups. The fact that they are both Australian companies was seen to be attractive, as the deal did not need to be approved by the Foreign Investment Review Board.

CORPORATES
AUSGRID PTY LTD, AUSTRALIANSUPER PTY LTD, IFM INVESTORS PTY LTD, NEW SOUTH WALES. THE TREASURY, NEW SOUTH WALES. DEPT OF PREMIER AND CABINET, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, STATE GRID CORPORATION OF CHINA, CHEUNG KONG INFRASTRUCTURE HOLDINGS LIMITED, QIC LIMITED, HASTINGS FUNDS MANAGEMENT LIMITED, TRANSGRID, ENDEAVOUR ENERGY LIMITED, RBC CAPITAL MARKETS

Ausgrid HK bidder asks, ‘why us?’

roymorgansocial Leave a comment

Original article by Phillip Coorey, Lisa Murray
The Australian Financial Review – Page: 1 & 4 : 12-Aug-16

Federal Treasurer Scott Morrison’s preliminary decision to block bids by Hong Kong’s Cheung Kong Infrastructure and China’s State Grid for a 50.4 per cent stake in Ausgrid is likely to antagonise the Chinese Government. Morrison justified his decision by citing national security concerns. Former ambassador to China Geoff Raby has spoken about new populism in Australia while Bob Carr, the former premier of New South Wales and now director of the Australia-China Relations Institute, has accused the Federal Government of xenophobia.

CORPORATES
AUSGRID PTY LTD, STATE GRID CORPORATION OF CHINA, CHEUNG KONG INFRASTRUCTURE HOLDINGS LIMITED, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, NEW SOUTH WALES. THE TREASURY, ONE NATION PARTY, KATTER’S AUSTRALIAN PARTY, PORT OF DARWIN, AUSTRALIAN SECURITY INTELLIGENCE ORGANISATION, LIBERAL PARTY OF AUSTRALIA, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, NEW SOUTH WALES. DEPT OF PREMIER AND CABINET, UNIVERSITY OF TECHNOLOGY, SYDNEY. AUSTRALIA-CHINA RELATIONS INSTITUTE

Morrison may block China sale

roymorgansocial Leave a comment

Original article by Primrose Riordan
The Australian Financial Review – Page: 1 & 6 : 8-Aug-16

The New South Wales Government’s partial privatisation of Ausgrid could be blocked on the grounds of national security. Cheung Kong Infrastructure and China’s State Grid Corporation are expected to pay about $A10bn for a 50.4 per cent stake in the electricity grid, via a 99-year lease. However, the deal must be approved by the Foreign Investment Review Board, and federal Treasurer Scott Morrison says national security will be the main consideration. Several MPs and senators have expressed concern about the proposed sale of Ausgrid.

CORPORATES
AUSGRID PTY LTD, STATE GRID CORPORATION OF CHINA, CHEUNG KONG INFRASTRUCTURE HOLDINGS LIMITED, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, ONE NATION PTY LTD, NICK XENOPHON TEAM, AUSTRALIAN STRATEGIC POLICY INSTITUTE LIMITED, AUSTRALIAN LABOR PARTY, AUSTRALIAN TAXATION OFFICE, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, TRANSGRID, S KIDMAN AND COMPANY PTY LTD, UNIONS NSW, NEW SOUTH WALES. DEPT OF PREMIER AND CABINET

TransGrid’s $10.3b sale boosts grid

roymorgansocial Leave a comment

Original article by Angela Macdonald-Smith, Anthony Macdonald, Sarah Thompson
The Australian Financial Review – Page: 1 & 8 : 26-Nov-15

Spark Infrastructure and Hastings Funds Management are members of the international consortium that will acquire New South Wales-based TransGrid. Canada’s Caisse de depot et placement du Quebec and two Middle Eastern sovereign wealth funds hold the largest stakes in the winning consortium, which will pay $A10.3bn for the electricity transmission grid. Simon Mawhinney of Allan Gray says the consortium is paying a "full price" for TransGrid, although the sale price has been criticised by unions.

CORPORATES
TRANSGRID, SPARK INFRASTRUCTURE GROUP – ASX SKI, HASTINGS FUNDS MANAGEMENT LIMITED, CAISSE DE DEPOT ET PLACEMENT DU QUEBEC, ALLAN GRAY AUSTRALIA PTY LTD, NEW SOUTH WALES. DEPT OF PREMIER AND CABINET, NEW SOUTH WALES. THE TREASURY, ELECTRICAL TRADES UNION, UNITED SERVICES UNION, PORT OF NEWCASTLE, SYDNEY AIRPORT – ASX SYD, ELECTRANET SA, AUSTRALIANSUPER PTY LTD, QIC LIMITED, IFM INVESTORS PTY LTD, CHINA INVESTMENT CORPORATION, INFRASTRUCTURE PARTNERSHIPS AUSTRALIA, ENDEAVOUR ENERGY LIMITED, AUSGRID PTY LTD, ENERGY SUPPLY ASSOCIATION OF AUSTRALIA LIMITED, WESTPAC BANKING CORPORATION – ASX WBC

TransGrid bidders cleared

roymorgansocial Leave a comment

Original article by Angela Macdonald-Smith, John Kehoe
The Australian Financial Review – Page: 1 & 4 : 23-Nov-15

Australia’s Foreign Investment Review Board has vetted the shortlisted bidders for New South Wales-based TransGrid and given clearance for them to proceed with the acquisition. The four consortiums were shortlisted by the State Government in September 2015, and the successful bidder is expected to be named soon. The Government is tipped to gain around $A9bn from the privatization of TransGrid, which operates the state’s electricity grid and a fibre optic cable network.

CORPORATES
TRANSGRID, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, NEW SOUTH WALES. THE TREASURY, NEW SOUTH WALES. DEPT OF PREMIER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, STATE GRID CORPORATION OF CHINA, MACQUARIE INFRASTRUCTURE AND REAL ASSETS, QIC LIMITED, IFM INVESTORS PTY LTD, AUSTRALIANSUPER PTY LTD, CANADA PENSION PLAN INVESTMENT BOARD, BOREALIS INFRASTRUCTURE MANAGEMENT INCORPORATED, SPARK INFRASTRUCTURE GROUP – ASX SKI, HASTINGS FUNDS MANAGEMENT LIMITED, PORT OF DARWIN, S KIDMAN AND COMPANY PTY LTD, ARCHER DANIELS MIDLAND COMPANY, GRAINCORP LIMITED – ASX GNC

Foreign TransGrid bidders face scrutiny

roymorgansocial Leave a comment

Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 19 : 7-Aug-15

Bidders for the New South Wales Government-owned TransGrid will soon lodge indicative offers. Their bids will be closely scrutinised by the Foreign Investment Review Board, because of the involvement of foreign parties in the bidding process. Treasurer Gladys Berejiklian said the State Government will retain influence over the privatised entities through regulatory, planning and licensing powers.

CORPORATES
TRANSGRID, AUSGRID PTY LTD, ENDEAVOUR ENERGY LIMITED, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, NEW SOUTH WALES. THE TREASURY, CHEUNG KONG (HOLDINGS) LIMITED, STATE GRID CORPORATION OF CHINA, CHINA SOUTHERN POWER GRID COMPANY LIMITED, MACQUARIE INFRASTRUCTURE INVESTMENT MANAGEMENT LIMITED, CHINA INVESTMENT CORPORATION, GLOBAL INFRASTRUCTURE PARTNERS, ELECTRANET SA, NATIONAL ELECTRICITY MARKET MANAGEMENT COMPANY LIMITED, JEMENA LIMITED, AUSNET SERVICES HOLDINGS PTY LTD – ASX ANV, SINGAPORE POWER LIMITED

NSW’s $13b power sale gets green light

roymorgansocial Leave a comment

Original article by Will Glasgow
The Australian Financial Review – Page: 7 : 4-Jun-15

The New South Wales Government will shortly begin the sale process for the electricity network, with the enabling legislation set to be passed by Parliament in early June 2015. The Government has secured the support of the Christian Democratic Party after agreeing to guarantee some 6,670 jobs for the next five years. However, Mark Lennon of Unions NSW says the Government should have included staff transfer payments in the privatisation bill.

CORPORATES
CHRISTIAN DEMOCRATIC PARTY (FRED NILE GROUP), NEW SOUTH WALES. DEPT OF PREMIER AND CABINET, AUSTRALIAN ENERGY REGULATOR, TRANSGRID, NETWORKS NSW PTY LTD, AUSGRID PTY LTD, ENDEAVOUR ENERGY LIMITED, UNIONS NSW, DEUTSCHE BANK AG, UBS HOLDINGS PTY LTD

Advisers share power spoils

roymorgansocial Leave a comment

Original article by Will Glasgow
The Australian Financial Review – Page: 3 : 29-May-15

The New South Wales Government has released details of the fees that will be paid to advisers on its proposed sale of the state’s electricity network. Law firm Allens is set to gain a $A28m windfall from the deal, while accounting firm Ernst & Young will be paid $A24.5m. Other companies that will advise the Government on the sale include Deutsche Bank, UBS, WorleyParsons, Newgate Communications and Ansarada.

CORPORATES
ALLENS, ERNST AND YOUNG, DEUTSCHE BANK AG, UBS HOLDINGS PTY LTD, WORLEYPARSONS LIMITED – ASX WOR, NEWGATE COMMUNICATIONS PTY LTD, ANSARADA PTY LTD, NEW SOUTH WALES. DEPT OF PREMIER AND CABINET, CHRISTIAN DEMOCRATIC PARTY (FRED NILE GROUP), TRANSGRID, AUSGRID PTY LTD, ENDEAVOUR ENERGY LIMITED

Baird to stop Liberal rot

roymorgansocial Leave a comment

Original article by Geoff Winestock
The Australian Financial Review – Page: 1 & 5 : 23-Mar-15

The latest Fairfax Media-Ipsos poll shows that the New South Wales (NSW) Coalition has 54 per cent support on a two-party preferred basis, compared with 46 per cent for the Australian Labor Party. The poll, which was carried out from 19-21 March 2015, also shows that 48 per cent of NSW electors support the proposed partial sale of the state’s electricity network, while 47 per cent are against it. However, 61 per cent oppose the sale unless the proceeds are invested in new infrastructure projects

CORPORATES
FAIRFAX MEDIA LIMITED – ASX FXJ, IPSOS AUSTRALIA PTY LTD, LIBERAL PARTY OF NEW SOUTH WALES, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, NEW SOUTH WALES. DEPT OF PREMIER AND CABINET, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, LIBERAL-NATIONAL PARTY OF QUEENSLAND, VICTORIA. DEPT OF PREMIER AND CABINET, THE GREENS NSW INCORPORATED, CHRISTIAN DEMOCRATIC PARTY (FRED NILE GROUP), SHOOTERS AND FISHERS PARTY INCORPORATED, NO LAND TAX PARTY, REACHTEL PTY LTD