Telecom NZ still in talks over UFB project

Telecom NZ still in talks over UFB project

Telecom NZ (ASX:TEL) is still in negotiations for a deal for its participation in New Zealand's Ultrafast Broadband project, according to CEO Paul Reynolds.

In a statement to the media, Reynolds said he was “committed to finding a solution for [the project] that meets the needs of its shareholders, the Government and New Zealand,” but that its participation is predicated on reaching a commercial agreement.

Reynolds was reacting to an announcement from the nation's communications minister, Steven Joyce, that the government was preparing legislative changes that would apply if Telecom NZ agrees to structurally separate as a result of reaching an agreement.

TEL shares were unchanged on Wednesday at $1.680.

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Tags broadbandTelecom NZASX:TELSteven JoycePaul Reynolds

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