Where is Cullen on this asset sale?

Where is the outrage from Cullen and Peters over this asset sale happening right now.

Today there was a trading halt on Contact Energy’s shares because British gas producer BG Group went hostile today with its A$13.8 billion ($17.5 billion) bid for Australia’s Origin Energy the 51% shareholder of Contact.

Contact Energy is the second biggest company on the NZX so it surely must be a “strategic asset”, along with the fact that they provide a goodly portion of our energy needs.

Now for the uninitiated what this means is that this “strategic asset” is about to be flogged off to a foreign owner with a record of asset stripping. Not a good look for Cullen.

Personally I couldn’t care less about the sale so long as shareholders realise a good premium for their investment that is fine by me. it is however the rank hypocrisy over foreign ownership and the entirely random definition of “strategic asset” that is making my blood boil.

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