- Ampol Limited (ALD) welcomes the decision by New Zealand competition regulator to clear the way for its acquisition of Z Energy (ZEL)
- The New Zealand Commerce Commission (NZCC) approval is subject to Ampol divesting its Gull business in New Zealand within nine months of the Z Energy transaction
- Acquisition of Z Energy remains on track to complete in the first half of 2022
- Ampol has nine months from the date of completion of the Z Energy transaction to divest Gull
- Ampol shares were trading at $28.65 early today
Ampol Limited (ALD) has welcomed the decision by the New Zealand Commerce Commission (NZCC) to provide clearance for its acquisition of Z Energy (ZEL).
The approval is subject to Ampol’s divestment of its Gull operations in New Zealand.
Ampol’s acquisition of Z Energy is still subject to Ampol obtaining Overseas Investment Office approval, as well as the backing of Z Energy shareholders.
Shareholders will vote at a Z Energy special meeting on Friday, March 25, and a final court order is being obtained.
Ampol said completion of the acquisition of Z Energy remains on track to be completed in the first half of 2022.
Under the clearance provided by the NZCC, Ampol has nine months from the date of the Z Energy transaction to divest Gull.
Ampol announced on March 14 that it had entered into a binding agreement with Australian investment manager Allegro for the sale of its network of Gull fuel service stations.
Allegro’s purchase is also subject to approvals by the NZCC and the OIO, and to Ampol successfully completing the acquisition of Z Energy. Ampol’s divestment of Gull is expected to complete well within the timeframe provided by the NZCC.
Matt Halliday, Ampol Managing Director and CEO, said: “We welcome the decision by the NZCC, which recognises that our commitment to fully divest Gull addresses the potential competition law issues.
“The NZCC decision is an important milestone towards completing the transaction to acquire Z Energy by the end of the first half of 2022.”
Ampol shares were trading unchanged at $28.65 early today. Z Energy was unchanged at $3.47.