Z cleared to buy Caltex assets, must sell 20 petrol stations

Thu, 28 Apr 2016

By Pattrick Smellie April 29 (BusinessDesk) - Z Energy is allowed to buy the Caltex and Challenge! petrol station chains but must sell 19 of its retail sites and one truck-stop, the Commerce Commission has ruled in a split decision that acknowledges possible retail price coordination between fuel retailers occurs in some regions. The competition watchdog's delayed decision on the $785 million deal giving Z about 49 percent of the retail transport fuels market allows NZX-listed Z to buy the 'downstream' assets of American oil giant Chevron...

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