Utilicorp unloads UNL shares

US-based company Utilicorp United, which previously held around 79% of UnitedNetworks, has sold 13 million shares to a mixture of New Zealand and overseas investors at $8 per share.

The sale takes the company's holding to 70%.

Utilicorp New Zealand says "it is delighted to have created the ability for investors to take a more meaningful stake in what is New Zealand's premier network owner, UnitedNetworks".

Demand for the shares was strong and applications had to be scaled back.

The placement was managed by Deutsche Bank.

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