Z shareholders vote in favour of Ampol takeover

Z Energy appears to be on a one-way path to Australian ownership after shareholders voted in favour of a takeover bid by Ampol today.

An overwhelming 98 per cent of shareholders voted for the bid, which Ampol values at $2 billion.

The accepted offer was $3.76 per share. Previous bids of $3.35 and $3.60 were rejected.

The $3.76 bid is still lower than what an independent valuation said the company was worth.

Z Energy chair Abby Foote said the deal was fair. Foote says the rise in demand for crude oil alternatives and increased competition has not gone unnoticed, so the accepted offer made sense from a business perspective.

All that is left now is obtaining consent from the Overseas Investment Office and a sign-off by the High Court.

Once successful, all major fuel retailers in New Zealand will have international owners.

NZ Autocar understands stations will still be branded as ‘Z’ and not Ampol.

Ampol closed down one of its Australian refineries in 2014. They now primarily ship fuel into Australia and New Zealand from Singapore and Texas.

Ampol previously owned Gull, but they conditionally sold the branch earlier this month to Australian equity firm Allegro Funds.

Gull will still use Ampol fuel for the next five years if the sale goes through. It still has to be approved by the Commerce Commission, and no request has been made.