Govt denies P’corp snags
PA Wellington The Government yesterday denied that it had put insurmountable obstacles in the way of an agreement with British Gas over the sale of Petrocorp.
The Minister for State Owned-Enterprises, Mr Prebble, released parts of the legal advice the Government had received before the termination of negotiations between the Crown and British Gas over the $BOO million deal. "Suggestions from commentators that the New Zealand Government placed impossible obstacles in the way of an agreement with British
Gas are totally false,” Mr Prebble said. He said the real situation was that at a meeting between the Treasury and advisers and British Gas on February 25, the British company had adopted the position that it was not prepared to proceed with the sale unless the Crown gave full warranties regarding the business assets, prospects and general condition of Petrocorp.
According to the Government’s legal advisers this was a turn round from an Agreement in Principle letter signed between the two parties on February 11.
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Press, 4 March 1988, Page 8
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168Govt denies P’corp snags Press, 4 March 1988, Page 8
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