Asset sales

The partial sale of Genesis Energy will go ahead as planned, despite a referendum pointing to public disapproval of asset sales.

Prime Minister John Key says the result of next month's referendum on asset sales will be interesting but won't halt the sale of half stakes in state-owned power companies and Air New Zealand.

A referendum will be held on asset sales after confirmation that a petition under the Citizens Initiated Referenda Act gained the support of 10 per cent of eligible electors.

Prime Minister John Key has today confirmed the sale date for Mighty River Power shares.

New Zealanders had the power to stop the privatisation of state-owned assets, Dunedin-based MP Metiria Turei told protesters on Saturday.

The Government has fallen into a commercial trap set and sprung by resource giant Rio Tinto during negotiations on electricity contracts for the Tiwai Point aluminium smelter, Labour state-owned enterprises (SOE) spokesman, Clayton Cosgrove, said yesterday.

The Government will push ahead with asset sales regardless of a referendum on the issue, Finance Minister Bill English says.

Prime Minister John Key unexpectedly announced this week that the initial public offering of Mighty River Power would not proceed until the second quarter of next year. Business editor Dene Mackenzie looks at the implications.

The powerful Waikato-Tainui iwi may fight on behalf of weaker tribes affected by the Mighty River sale to receive shares on credit until their Treaty claims are settled when the Government consults them on the partial sale of the company.

Green co-leader Russel Norman wasted no time yesterday delving into Mighty River Power's annual profit announcement to relaunch his criticism about the partial sale process.

Iwi that negotiated the right to buy state assets as part of their Treaty settlements will have that right continue under the partial privatisation of state-owned enterprises (SOEs).

Prime Minister John Key says estimates his loyalty scheme to sweeten state assets sales for investors could cost the taxpayer hundred of millions of dollars are "farcical" and has suggested a $60 million to $80 million bill instead.

Prime Minister John Key has announced how the Government plans to put New Zealanders "at the front of the queue" for buying Mighty River Power shares in the upcoming share float, including bonus shares for long-term investors.

Protests and street rallies against state-owned assets sales are likely to re-emerge later this year as the petition opposing the sales gets close to the threshold for a referendum.