Z Energy shareholders back sale

Z Energy shareholders have voted in favour of the company’s sale to Australian fuel giant Ampol following a virtual special meeting.

The scheme of arrangement was passed by the required majority of shareholders – 75 per cent or more of the votes cast and more than 50 per cent of the total number of Z Energy shares on issue.

Z Energy says 98.7 per cent of votes were in favour of the deal that has been given the green light by the Commerce Commission.

The takeover will pay shareholders $3.76 a share in cash, valuing Z Energy at $1.9 billion.

The scheme remains subject to a “no objection statement” from the Takeovers Panel, approval from the Overseas Investment Office and final orders of the High Court, all of which Z Energy expects to be completed by mid-April.