Story: International economic relations

Sale of New Zealand Rail, 1993

Sale of New Zealand Rail, 1993

The government sold New Zealand Rail in 1993 for $328 million to a consortium in which the US company Wisconsin Central was the leading shareholder. From 1996 the New Zealand subsidiary, known as Tranz Rail, was listed on the New Zealand and NASDAQ stock exchanges. Shares were initially floated at $6.19 and peaked at $9 a year later. Wisconsin Central had sold out of Tranz Rail by 2000; in 2003, when Toll Holdings of Australia bought the company, shares in it were valued at between $1.34 and $1.65.

Courtesy of New Zealand Herald and Klarc

Using this item

Alexander Turnbull Library
Reference: H-050-016
Cartoon by Laurence Clark ('Klarc')

Permission of the Alexander Turnbull Library, National Library of New Zealand, Te Puna Mātauranga o Aotearoa, must be obtained before any re-use of this image.

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How to cite this page:

Malcolm McKinnon, 'International economic relations - The US and New Zealand', Te Ara - the Encyclopedia of New Zealand, http://www.TeAra.govt.nz/en/cartoon/24811/sale-of-new-zealand-rail-1993 (accessed 19 May 2019)

Story by Malcolm McKinnon, published 11 Mar 2010