Australia to sell Medibank in December

<p>The country will sell its largest health provider through an IPO.</p>

Australia announced today (August 29th) it will sell Medibank Private in an initial public offering (IPO) in December.

Medibank is the largest health insurer in the country, providing citizens with access to free or subsidised health care at clinics and hospitals. The sale expected to fetch about A$4 billion (£2.25 billion), Reuters report.

Finance minister Mathias Cormann said in March the government wanted to list Medibank some time before June 30th, 2015 to benefit from a boom in IPO issuance.

"The government is satisfied that this timing best meets our objectives for a sale," he said in a statement.

This announcement comes after share sales by Australian companies this year reached about A$9.7 billion, the highest since 2005, according to data compiled by Bloomberg. 

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