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"Labour and the Greens certainly did their best to damage the offer," said Tony Ryall, the Minister for State Owned Enterprises. Finance Minister Bill English said the Mighty River Power shares were valued about 10 percent higher before the opposition parties' announcement. He said about 1,800 people withdrew their share purchase applications while many more never signed up. But Labour Party lawmaker Clayton Cosgrove said it made no sense for the country to sell its money-making assets. He said most of the shares would end up owned by foreign interests, causing profits to disappear overseas. "It should stay in New Zealand and that's always been our position," he said.
[Associated
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