Z Energy was formed when Infratil Ltd and a local pension fund bought Royal Dutch Shell's downstream business in the country in 2010. In 2016, the company expanded further by buying Chevron's local assets.
Australian fuel supplier Ampol Ltd has made a NZ$1.97 billion ($1.34 billion) takeover bid for New Zealand peer Z Energy, valuing it at a 24% premium to its last closing price, the companies said on Monday.
Z Energy said it will open its books to Ampol following the NZ$3.78 a share buyout offer, which it said followed three previous approaches that were not publicly disclosed.
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