For those who aren't aware Vodafone and 3 Australia have just announced a merger and will be joining forces.
There doesn't seem to have been any mention yet or announcement from Telecom as to what this could mean - Telecom NZ own 10% of Hutchinson Australia.
If they are going to be bought out? If so this this could be significant cashflow back into the business. If they are still going to be part of the merged operations then Telecom NZ now own part of Vodafone Australia's business. How ironic!
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So Telecom owns 10% of a listed entity worth A$100m (even after its gone up 8% on the merger announcement). I'm pretty sure that A$10m is not a lot of cash to be released even if Telecom decides to exit.
If they remain as shareholders then they will rank behind Vodafone Australia and Hutchison Whampoa (as significant debtholders) for any dividends or residual value. I think the only thing Telecom gains from this is, as you rightly point out, the irony.