Onlookers of this thread would be familiar with my advising John Key to sell Cullen Airlines to Etihad.
A boffin from the Treasury has run the IRR ruler over the Crowns buy-in to Cullen Airlines.
There are three artices on the subject on the Treasuries web site. Suitable reading for a wet Saturday. Go to;
http://www.treasury.govt.nz/publicat...staff-insights
The authors conclusion; The Crowns IRR return on its investment in Cullen Airlines has been nuetral helped by a dash of good fortune due to lower fuel prices.
Boop boop de do
Marilyn