P. M. BRIEFING : Sale of New Zealand Steel Doubtful
Prime Minister David Lange said today that he doubts the sale of New Zealand’s biggest steelmaker to a Chinese state enterprise will go ahead.
In one of China’s biggest overseas investments, the China National Metals and Minerals Import and Export Corp., said in April that it would buy troubled New Zealand Steel.
The price is a closely kept secret but analysts put it at between $170 million and $230 million.
“If I were . . . punting (betting on) the outcome of that deal, I would say unhappily it’s not going to proceed,” Lange told Radio New Zealand.
The Chinese firm beat several other bidders in a double deal to buy 80% of N.Z. Steel, which was held by collapsed investment company Equiticorp International, and the rest from Fisher and Paykel Industries, which makes home appliances.
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