Taking the sale of Rural Finance Corporation to tender would have devalued the business and reduced benefits for rural and regional Victoria, the state treasurer says.
The Victorian government will sell agribusiness lender Rural Finance Corporation (RFC) to Bendigo and Adelaide Bank for $1.78 billion, delivering a net return of $400 million that it says will be reinvested in infrastructure for country Victoria.
At a budget estimates hearing on a Friday, Labor MP Robin Scott asked why the sale didn't go through the normal tender process.
Treasurer Michael O'Brien said the government had sought to ensure job security for Rural Finance Corporation staff, continuity of services and to get the best deal.
"One of the concerns we had at the forefront of our minds is that running a public process, announcing the intention to divest RFC to whoever would pay the highest price, would likely lead to cherry picking of RFC's client book by its competitors," Mr O'Brien said.
"So in the process of going through the sale of the business you could devalue the business."
Opposition scrutiny of government spokesman Martin Pakula said safeguards could have been put in place.
"You can put appropriate safeguards in place in any tender," Mr Pakula said.
http://au.news.yahoo.com/a/-/latest/23362567/vic-rfc-sale-was-best-deal-treasurer/
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