Business with Hamish Rutherford: 'Wellington-based Z Energy Appears to be going to Australian ownership'

Publish Date
Tue, 12 Oct 2021, 1:35PM

Business with Hamish Rutherford: 'Wellington-based Z Energy Appears to be going to Australian ownership'

Publish Date
Tue, 12 Oct 2021, 1:35PM

New Zealand's largest fuel company appears to be headed into Australian ownership as Z Energy's board of directors recommended its shareholders accept a marginally improved $2 billion offer from Ampol.

Structured as a scheme of the arrangement, the deal values Z Energy at around $2 billion, well down from the company's peak in 2016 when shares in Wellington-headquartered Z Energy traded at more than $8.50.

New Zealand Herald Business Editor Hamish Rutherford tell Nick Mills what this particular means for the Capital.