vote in favour of the takeover, noting that the offer represents a “fair value” for Z shareholders. In its statement to the NZX, the board further added that they intend to vote the shares controlled by them in favour of the $2 billion offer.
“The Z Board is unanimous in recommending this offer to Z shareholders,” the company’s Professional Director and Chair, Abby Foote, said. “The board has been focussed on the best interest of Z shareholders and has engaged constructively with Ampol over several months to secure additional value beyond the initial approach in June.”
Sharing his views regarding the proposed transaction, Z Energy’s chief executive Mike Bennetts noted that the takeover would generate a host of benefits for the Wellington-based fuel retailer, including the ability to tap into Ampol’s significant supply chain, while both companies also share a similar focus on safe operations and delivering for customers.
He is also convinced that Ampol’s scale would deliver advantages for New Zealand’s fuel industry and that the company would continue to invest in the country’s transition to low carbon energy sources. “Ampol’s focus on a low carbon energy future will add expertise to Z’s already well-developed work in this area. In the meantime, Z will stay focused on running the business and delivering on the relevant strategic objectives that we discussed at Z’s Investor Day in July,” Bennetts noted.
