Regulator considers fuel takeover

Ampol Ltd has applied for clearance from the Commerce Commission to acquire 100 per cent of the shares in Z Energy Ltd, after the companies first revealed plans for a deal in August.

The commission is considering the takeover bid and Ampol, as part of the application, has offered an undertaking to sell its Gull business, either by a trade sale or an initial public offering.

Z Energy is a New Zealand-based fuel company with operations including refining, importing, storage, distribution, wholesale supply and retail supply to commercial and retail customers. 

It also supplies fuel through a network of Z and Caltex-branded service stations.

Meanwhile, Ampol is an Australian fuel company listed on the ASX. In New Zealand, it currently operates through its subsidiaries Gull New Zealand Ltd, Terminals New Zealand Ltd and ALD Group Holdings NZ Ltd.

Ampol also supplies commercial and retail customers here, primarily through its network of Gull-branded service stations.

The commission says: “We will give clearance to a proposed merger if we are satisfied that the merger is unlikely to have the effect of substantially lessening competition in a market. 

“In giving clearance, the commission may accept a written undertaking from the applicant to dispose of assets or shares.”

A public version of the clearance application is available on the commission’s case register.