Australia announces shock Telstra break-up2009-09-15 09:16 by DanielaTags: Telstra
Australia on Tuesday announced shock plans to break up dominant telecommunications player Telstra to boost competition as it presses ahead with a 37 billion US dollar national broadband network. Communications Minister Stephen Conroy said Telstra, part-owned by the government and subject to strict regulation, would effectively be forced to split its retail and network arms unless it agrees to do so. "It is the government's clear desire for Telstra to structurally separate, on a voluntary and cooperative basis," Conroy said. "The government will require the functional separation of Telstra, unless it decides to voluntarily structurally separate," he added. Under draft regulatory reforms introduced to parliament on Tuesday, Telstra will be barred from acquiring further wireless spectrum unless it restructures and sells off its cable infrastructure network and stake in Foxtel pay TV. Read more -here-
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