Australia to Pass Telstra Split, Making Way for NBN
This article is for subscribers only.
Australian lawmakers are set to pass laws splitting Telstra Corp.’s businesses, necessary for Prime Minister Julia Gillard to realize her A$35.7 billion ($35 billion) high-speed Internet plan.
Gillard yesterday released part of NBN Co.’s corporate plan, boosted consumer protection and established a committee to oversee its rollout to woo independent Senators Steve Fielding and Nick Xenophon. The government already has the support from the Australian Greens, clearing the way for the Telstra laws to pass in the Senate. Telstra shares rose as much as 6.1 percent today in Sydney trading and closed up 3.6 percent at A$2.88.