High Court approves Ampol’s takeover of Z

The High Court has agreed to Ampol’s purchase of Z Energy.

All going to plan, the $2 billion takeover will become official by early May.

It will mean no major New Zealand fuel retailer will have Kiwi ownership.

Shares and trading in Z were suspended on Thursday, and the company will be removed from the New Zealand stock exchange next month.

Current shareholders in Z will receive $3.78 per share. The figure is still lower than what an earlier valuation determined the company’s worth.

Z was formed in 2010 when Shell sold its New Zealand assets. The company operates under the Z and Caltex names, equating to 365 fuel stations around the country.

Despite being under new ownership, Z won’t be rebranded. However, there will be changes to the company’s sustainable energy scheme.

This includes a heavy investment into the future of hydrogen and biofuels.