Telstra board leans toward Sensis spin-off

Telstra’s board may separate the Sensis classified and directories arm, and issue scrip at no charge to Telstra shareholders. The government may then go ahead and sell its 51 per cent stake in Sensis ahead of the planned sale of the equivalent stake in Telstra. Investment banks estimate that Sensis would have a market capitalisation of $10 billion. The board is rumoured to favour issuing all the Sensis shares to Telstra shareholders at no upfront cost.