Whilst, legally, the way would appear to be at an end, given the recent negative decision in NZ
, I would imagine that the NZ
government could simply "legislate" the way clear if it wanted to. I believe that this avenue, which would probably also be applicable in Australia, had been put forward by the relevant minister in NZ
in the early days of the proceedings, but had been set aside as not being the desirable way to resolve the matter.
I do not believe that, given the improved financial state of ANZ, the impetus, on the government's/majority shareholder's side, for a formal tie-up is anywhere near as strong as it was then; however, if ANZ were to suffer another downturn, resulting in the need for another capital injection, the NZ
government could resurrect this potential avenue.