Australia’s Senate has approved legislation for the full privatisation of Telstra. The Senate voted for five bills to sell the government’s remaining 51.8 per cent stake in the telecom company, worth A$28 billion ($21.6 billion), in 2006. The government hopes Telstra will receive about A$5.25 a share. The previous tranche of Telstra shares had been sold in 1999 at A$7.4. The legislation proposes an “operational separation” of Telstra, the former telecom monopoly, into three business units comprising its retail and wholesale arms.
