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Z Energy board says $2 billion offer represents fair value

WELLINGTON (CU)_A couple of months ago, Sydney-based petroleum company Ampol made a $2.5 billion-odd bid to acquire Z Energy, the largest fuel retailer in New Zealand. The offer would see shareholders of the latter being paid $3.78, per share, implying a valuation of about $2.5 billion for the dual-listed Kiwi company. If agreed, the deal will have to be passed by the Commerce Commission and in August, Ampol revealed that it would be willing to sell its petrol retailer Gull, if the Commission made it a condition for allowing the proposed takeover. The sale could be done either by an initial public offering on the NZX or through a trade sale.

Therefore, after much deliberation, the board of directors of Z Energy unanimously recommended that shareholders…

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