BlackRock Inc Buys 5% Stake In New Zealand's Telecom
November 03 2011 - 11:46PM
Dow Jones News
Investment management company BlackRock Inc (BLK) has taken a 5%
stake in Telecom Corp of New Zealand Ltd. (TEL.NZ), according to a
filing at the New Zealand Stock Exchange Friday.
The stake, involving 96 million shares, was built up through 16
subsidiaries.
As of June 30 BlackRock's assets under management totaled
US$3.66 trillion across equity, fixed income, cash management,
alternative investment, real estate and advisory strategies,
according to its web site.
In late October Telecom shareholders voted in favor of spinning
off the company's infrastructure unit, known as Chorus. The
separation of Chorus is one of the requirements in a deal that gave
Chorus the contract to build the majority of New Zealand's
nationwide fiber network. Telecom shareholders will receive one
share in Chorus for every five Telecom shares held.
Once separated, Chorus will get Telecom's copper network and the
majority of exchange buildings, while Telecom will remain a retail
business comprising the mobile network, the company's international
businesses and its share in the fiber cable linking New Zealand,
Australia and the U.S.
By Rebecca Howard, Dow Jones Newswires; 64-4-471-5990;
rebecca.howard@dowjones.com
BlackRock (NYSE:BLK)
Historical Stock Chart
From Apr 2024 to May 2024
BlackRock (NYSE:BLK)
Historical Stock Chart
From May 2023 to May 2024