Who got the best deal?


So I suppose we are wondering now who got the best deal. Was it Michael?, Was it Toll?, or Was it the poor stupid taxpayer?

Lets look first reactions from the blogosphere. Of course the Labour Sponsored blogs and absentee candidates are totally in love with this whole concept. But what you expect from people who think trade is immoral!

Michael Cullen thinks he got a great deal, Tumeke doesn’t think so. (The folk at Tumeke are some of the very, very few lefties that I respect for holding their own views and not ninth floor spin)

Now if Tim and Bomber think this is a bad idea then Cullen is screwed. Tim’s post is superb and more RWB’s should read is stuff.

So was it Toll who got the best deal. You betcha it was. Cullen paid $235 million of your dollars more than the book value of the assets to the Australians. Now riddle this, it was bad for the Canadians to buy 49% of one airport and put millions into the economy through Mum & Dad shareholders, but good for the Chinese to buy the capital’s electricity network and now it is fantastic for New Zealand to back the money truck up and tip $665 million of our dollars into the Australian economy. Fuck he is a whizz that Cullen.

Now if this was a bad deal for Toll you would expect the market to react badly and downgrade their share price. Instead the market has thought the exact opposite and voted with their wallets. The share price jumped 4.4% or 35c on the news gifting Toll Holdings and their shareholdings…wait for it….an additional $226 million in the total value of the company.

Show shareholders and investors worldwide voted with their wallets. Toll got the best deal, we as the poor stupid taxpayer got the bill. That is a lot of hooter for Michael to buy a train set.

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