ZEL
02/06/2015 08:33
ASSET
PRICE SENSITIVE
REL: 0833 HRS Z Energy Limited
ASSET: ZEL: Z Energy to acquire Chevron transport fuel business
Z Energy has signed an agreement with a subsidiary of Chevron Corporation to
acquire 100 per cent of Chevron New Zealand.
The acquisition is subject to clearance under the Commerce Act 1986 and
consent of the Overseas Investment Office (OIO).
Z is paying NZ$785 million for all of the shares of Chevron New Zealand, the
owner of Chevron's downstream operations in New Zealand, including,
Chevron-owned service stations and lubricant interests. The proposed
acquisition excludes Chevron's upstream interests and Chevron New Zealand
recently sold its shareholding interest in Refining NZ.
Z Energy Chief Executive, Mike Bennetts, said the acquisition was a major
opportunity in the company's development, with substantial advantages for the
New Zealand market.
Jonathan Hill: 04 498 0212
End CA:00265080 For:ZEL Type:ASSET Time:2015-06-02 08:33:20
