Z Energy buys Caltex service station chain for $785 million

Mon, 01 Jun 2015

By Paul McBeth June 2 (BusinessDesk) - Z Energy, the listed service station chain, has agreed to buy rival Chevron New Zealand's Caltex-branded network for $785 million, and plans to raise $185 million in new capital to help fund the acquisition. Chevron announced last week that it was quitting its 11 percent stake in the Marsden Point oil refinery. With the sale of its retail chain, the US-based oil giant is effectively exiting the New Zealand downstream fuels market, although it took a stake for first time in an offshore oil and gas exp...

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