Auckland councils seek power to benefit from UnitedNetworks sale

UnitedNetworks is currently seeking a buyer for all of its shares or assets, because its majority shareholder Aquila Inc wants to quit the firm.

Today UnitedNetworks said it was talking with the North Shore City, Waitakere City and Rodney District Councils about getting a change made to the deed of the Waitemata Electricity Trust.

The trust deed, which is due to expire in two years' time, does not currently allow the councils to sell their stakes early.

UnitedNetworks said the trust glitch would not affect its own sale process, but it was being worked on as fast as possible.

UnitedNetworks distributes electricity to about 30 percent of New Zealand's electricity consumers, serves over 50 percent of the country's gas consumers and owns and manages broadband networks in Auckland and Wellington.

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