March 26, 2014 / 4:50 AM / 3 years ago

Australia Finance Minister says to sell insurer Medibank Private in public float

1 Min Read

SYDNEY, March 26 (Reuters) - Australia's finance minister said on Wednesday the government will sell state-owned health insurer Medibank Private in a public float, which local media have tipped will fetch about A$4 billion ($3.76 billion).

Finance Minister Mathias Cormann said the sale will take place in the 2014/15 financial year. He did not put a price on the sale.

The announcement comes as Australia's federal and state governments pursue an aggressive strategy to sell off state-owned assets to pay down debt and fund future projects.

$1 = 1.0933 Australian Dollars Reporting By Byron Kaye; Editing by Kim Coghill

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