Statement Of Issues Released For Ampol / Z Clearance Application

The Commerce Commission has published a statement of issues relating to an application from Ampol Limited (Ampol) seeking clearance to acquire 100% of the shares in Z Energy Limited (Z), subject to an undertaking from Ampol to sell its Gull business either by a trade sale or an IPO.

The Statement of Issues outlines the Commission’s potential competition issues with the acquisition following its initial investigation, including in relation to the proposed divestment undertaking. The Statement of Issues is not a final decision and does not mean that the Commission intends to decline or clear the acquisition.

The Commission is seeking submissions from Ampol, Z and other interested parties on the issues raised in the Statement of Issues. Submissions can be sent by email to registrar@comcom.govt.nz with the reference ‘Ampol/Z’ in the subject line. Submissions are due by close of business on 1 February 2022, with cross-submissions due by close of business on 11 February 2022.

The Commission is currently scheduled to make a decision on the application by 16 March 2022. However, this date may be extended.

The Statement of Issues and a public version of the application can be found on the Commission’s case register.

Background

Z is a New Zealand-based fuel company. It has operations across the fuel supply chain in New Zealand, including refining, importing, storage, distribution, wholesale supply and retail supply to commercial and retail customers. At the retail level, Z supplies fuel through a network of Z and Caltex-branded service stations.

Ampol is an Australian-based fuel company. In New Zealand, Ampol operates through its subsidiaries Gull New Zealand Limited, Terminals New Zealand Limited and ALD Group Holdings NZ Limited (together, Gull). Gull sources most of its refined fuel requirements from Ampol in Australia and imports it into New Zealand via its storage facility at Mount Maunganui. It supplies commercial and retail customers in New Zealand, primarily through its network of Gull-branded service stations.

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.

Further information explaining how the Commission assesses a merger application is available on our website.

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