Ampol has advised the Commerce Commission that it is varying the basis on which it seeks clearance for the acquisition of Z Energy.
On 2 November 2021, Ampol sought clearance to acquire Z Energy subject to the divestment of Gull New Zealand Limited, Terminals New Zealand Limited and ALD Group Holdings NZ Limited (together, Gull) by way of either a trade sale or initial public offering (IPO).
Ampol has informed the Commission that it no longer proposes having the option to divest Gull by way of an IPO.
Ampol's letter to the Commission can be found on the Commission's case register.
The Commission is continuing to consider the clearance application and is due to make a decision by 16 March 2022.
Background
The Commission will give clearance to a proposed merger if we are satisfied that the merger is unlikely to have the effect of substantially lessening competition in a market. In giving clearance, the Commission may accept a written undertaking from the Applicant to dispose of assets or shares.
