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Telstra Split Law Passes Australian Parliament After Amendments

Nov. 29 (Bloomberg) -- Australia’s parliament has approved legislation for a structural split of Telstra Corp.’s retail business from its copper-wire network with the House of Representatives today passing bills amended in the Senate.

The Senate, the parliament’s upper house, made the amendments when it passed the legislation on Nov. 26.

The legislation needed to be passed to allow Prime Minister Julia Gillard to proceed with plans to spend A$35.7 billion ($34 billion) building the network and pay compensation to Telstra.

Link to Company News:{IIN AU <Equity> CN <GO>} Link to Company News:{ST SP <Equity> CN <GO>} Link to Company News:{TEL NZ <Equity> CN <GO>} Link to Company News:{TLS AU <Equity> CN <GO>}

To contact the reporter on this story: Robert Fenner in Melbourne at rfenner@bloomberg.net

To contact the editor responsible for this story: Ben Sharples at bsharples@bloomberg.net

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