Chapman Tripp has advised Z Energy (Z) on the merger clearance for its $785m purchase of Chevron New Zealand (Chevron), the owner of the Caltex and Challenge brands in New Zealand.
The Chapman Tripp team was led by partner Neil Anderson, assisted by senior associate Lucy Hare, senior solicitor Ellen Thomson and solicitor Sebastian Templeton.
“Clearly, this merger will unlock significant value for Z in terms of supply chain economics. The Commission’s reasoning will become an important reference point for commercial parties and advisors contemplating merger activity in relatively concentrated and mature markets,” said Neil Anderson.
Z’s application was filed with the Commerce Commission on 30 June 2015 and cleared, subject to Z divesting 19 retail sites and one truck stop, on 29 April 2016. In the course of its extensive investigation the Commission considered a range of markets including for retail service stations, truck stops, direct supply to commercial customers and fuel resellers, terminal storage facilities, aviation fuel, marine fuel, and bitumen.