UPDATE: Z shares at record as Caltex deal seen reducing competition

Fri, 29 Apr 2016

By Sophie Boot April 29 (BusinessDesk) - Z Energy shares jumped to a record after the Commerce Commission approved its bid to buy rival Caltex and Challenge! petrol station chains, saying price coordination at some stations wasn't enough to turn it down but that regions where Gull stations operate are more competitive. The competition watchdog's delayed and 3:1 majority decision on the $785 million deal gives Z about 49 percent of the retail transport fuels market and lets NZX-listed Z buy the 'downstream' assets of American oil giant Che...

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