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There are some interesting bits in this article on Telecom NZ’s plans to spin off its Yellow Pages Group business for an estimated NZ$1.7 billion (US$1.1 billion). The telecom is expected to update its plans for the Yellow Pages unit when it releases its first-quarter results at the end of this week.

Most intriguing is how the Yellow Pages sale figures into the jockeying between Google and Yahoo! to be New Zealand’s top search player. The article even notes that rumors have surfaced that Google may be a buyer of Yellow Pages Group but offers nothing to suggest they are anything more than rumors.

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