The Commerce Commission has received a clearance application from Ampol Limited (Ampol) seeking clearance to acquire 100% of the shares in Z Energy Limited (Z). As part of the application, Ampol has offered an undertaking to sell its Gull business, either by a trade sale or an IPO.
Z is a New Zealand-based fuel company. It has operations across the fuel supply chain in New Zealand, including refining, importing, storage, distribution, wholesale supply and retail supply to commercial and retail customers. At the retail level, Z supplies fuel through a network of Z and Caltex-branded service stations.
Ampol is an Australian-based fuel company. In New Zealand, Ampol operates through its subsidiaries Gull New Zealand Limited, Terminals New Zealand Limited and ALD Group Holdings NZ Limited (together, Gull). Gull sources most of its refined fuel requirements from Ampol in Australia and imports it into New Zealand via its storage facility at Mount Maunganui. It supplies commercial and retail customers in New Zealand, primarily through its network of Gull-branded service stations.
A public version of the clearance application will be available on the Commission's case register shortly.
Background
We will give clearance to a proposed merger if we are satisfied that the merger is unlikely to have the effect of substantially lessening competition in a market. In giving clearance, the Commission may accept a written undertaking from the Applicant to dispose of assets or shares.
