New Zealand to sell up to 49 pct of Genesis Energy

WELLINGTON, March 26 Tue Mar 25, 2014 7:47pm EDT

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WELLINGTON, March 26 (Reuters) - The New Zealand government said on Wednesday it would sell up to 49 percent of power company Genesis Energy Ltd, earning it up to NZ$800 million ($684.5 million) from the sale.

It said 40 percent of Genesis would be available in a book build with institutional investors, with a further 9 percent available to be sold directly to retail investors.

The government had initially said it would sell between 30 and 49 percent to improve the prospects of a better price for the stock.

($1 = 1.1688 New Zealand dollars) (Gyles Beckford)