New Zealand raises $1.4B from power company sale

WELLINGTON, New Zealand (AP) — New Zealand's government says it has raised more than a billion dollars from selling a 49 percent stake in a state-owned power company.

But the government says it could have raised more were it not for interference from opposition political parties who oppose the sale.

The government Wednesday announced a sale price of 2.5 New Zealand dollars ($2.10) for shares in Mighty River Power, raising a total of NZ$1.7 billion ($1.4 billion). Shares will begin trading on the New Zealand stock market Friday and will also trade in Australia.

The government says it will use the money to reduce debt and return its budget to the black.

The Labour and Green parties last month announced a plan to create a single government buyer for wholesale electricity.

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