NZ Super Fund sells $292 million stake in Z Energy

Wed, 01 Jun 2016

By Paul McBeth June 2 (BusinessDesk) - The New Zealand Superannuation Fund sold down its stake in Z Energy, pocketing $292 million and leaving it with 1.5 percent of the petrol station chain. The fund sold 36.4 million shares at $8.01 apiece in an underwritten block trade, it said in a statement. The pension fund has reaped $1.1 billion in proceeds from Z Energy since investing $209.8 million in 2010 when it teamed up with Infratil to buy the local downstream assets from Royal Dutch Shell. Its residual stake is worth $47 million. "Ov...

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