Ampol bid NZ$2 million ($1.91 million) to acquire 100 per cent of its New Zealand counterpart’s shares, which would mean a significant expansion of Ampol’s New Zealand presence.
Headquartered in Wellington, Z Energy is New Zealand’s largest fuel retailer and manages more than 300 fuel stations under the Z and Caltex brands, supplying approximately 4 billion L of fuel annually.
The Z Energy Board said it is in its shareholders’ best interests to grant Ampol a four-week period of exclusivity for confirmatory due diligence, with negotiations commencing immediately.
Ampol CEO and Managing Director Matt Halliday called Z a “logical growth opportunity”, with both companies representing leaders in their respective home markets.
“A successful acquisition would create an ANZ leader in fuel, with significant regional scale and trusted and iconic brands on both sides of the Tasman,” said Mr Halliday.
The transaction is expected to be subject to a number of customary conditions with include a Z Energy shareholder vote and New Zealand Court and regulatory approvals.
Z Energy chair Abby Foote said that although the proposal was subject to further development, the board “supports a period of exclusive engagement with the objective of developing a transaction”.
Ampol revealed today this was the third offer to buy Z Energy in recent months.
There is no guarantee yet that a binding transaction will be agreed between the parties, but an announcement could come as soon as today.
For more information visit the Ampol website.