Saturn-Telstra merger Welcomed by Minister
Cullen on Telstra-Saturn merger
24 February 2000
Saturn-Telstra merger welcomed
Finance Minister Michael Cullen today welcomed the Saturn-Telstra merger as good news for the economy.
"The new company - Telstra Saturn Limited - plans to invest more than $1 billion in New Zealand over the next five years.
"That represents a huge vote of confidence in this country and in the coalition Government," Dr Cullen said.
"The move anticipates - and will assist in - the development of a more competitive telecommunications industry.
"The Government is committed to improving the competitive framework in New Zealand.
"We are in the process of setting up inquiries into the telecommunications and electricity markets and will complement these with a strengthening of New Zealand's competition law," Dr Cullen said.
Contact: Patricia Herbert [press secretary] 471-9412 or 025-270-9013