Gull could be roadblock to Z sale

Ampol subsidiary Caltex Australia bought the NZ operations of Gull in 2017 for $340m. (Image: Getty)

Mon, 23 Aug 2021

Australia’s Ampol has made a full takeover offer for New Zealand's largest transport fuels distributor, Z Energy, valuing the company at almost $2 billion.The offer, pitched at $3.78 a share was announced after Z came out of trading halt on the NZX this morning, for a total value of $1.966 billion.However, a competition lawyer with deep experience of transport fuels markets believes such a deal will be very hard to get past the Commerce Commission while Ampol continues to own cut-price petrol retailer, Gull Petroleum.“Gull&rsquo...

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