New Zealand Commerce Commission considers Z Energy’s Chevron acquisition

Z Energy recently advised that its application to the Commerce Commission for the company’s acquisition of Chevron New Zealand has been filed and is now available on the commission’s website (www.comcom.govt.nz).

Z Energy CEO Mike Bennetts said any time competitors merged it was appropriate for the competitive implications to be thoroughly examined. He said while the application was for a significant transaction, the company was confident in the strength of its application and looked forward to working with the commission to process it.

Z Energy said that key points in its application include that global fuel companies are likely to continue to look to exit small, mature markets such as New Zealand and Z, as a local company that only services the domestic market, is the best buyer of these assets for NZ.

The Caltex and Z branded service station networks are largely complementary in that significant consumer choice will remain following the transaction. Caltex-branded service stations are owned and operated by independent business people who set their own fuel prices.

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