Australian transport fuels company Ampol will join the NZX after clearing the final regulatory hurdle in its $1.97 billion purchase of New Zealand’s biggest petrol station chain, Z Energy.
Ampol said the Overseas Investment Office (OIO) approved acquisition of Z Energy, and now only needs high court approval to seal the deal, something it expects to wrap up next month.
Z Energy’s board got on board the offer in October, which was an 11.8% premium to where the shares were trading before Ampol mounted its bid in August. While NZ’s stock exchange loses one fuel company, it gains another with Ampol confirming plans for a secondary listing on the NZX.
Ampol said the NZX listing will be through foreign exempt rules and provide “easy access for New Zealand based investors to invest in the former Z Energy business as part of the larger and broader Ampol business”. The Australian company formerly known as Caltex Australia will keep its primary listing on the ASX.
“Ampol has operated in New Zealand since 2017 and I am excited about the opportunity to increase our presence in the New Zealand energy and convenience sectors through the Z Energy acquisition,” chief executive Matt Halliday said in a statement to the ASX.
The OIO decision follows the Commerce Commission approval for any anti-competitive concerns, which were allayed by Ampol agreeing to sell NZ discount petrol retailer Gull to Australian private equity firm Allegro for $572 million.
The application is currently scheduled to be considered in the high court on April 26.