Ampol (ASX:ALD) receives 2 weeks extension for Z Energy deal

Ampol (ASX:ALD) has been given another 2 weeks to settle its take-over deal with New Zealand’s fuel distribution and retailing company Z Energy (ASX:ZEL).

The petroleum giant announced this morning that its 4 week exclusivity period to acquire all shares in Z energy has been extended by a further two weeks, to enable outstanding matters to be addressed, and to agree terms on a scheme implementation agreement.

Ampol also noted that there is no guarantee that a binding transaction will be agreed or completed between the two companies, but will continue to keep shareholders updated on the transaction progress.

The news comes after Ampol announced a NZ $3.78 per share offer for Z Energy in August, and received due diligence and exclusivity. 

When the proposal was submitted, CEO Matt Halliday said, “Z Energy is a logical growth opportunity for Ampol…. a successful acquisition would create an A&NZ leader in fuel, with significant regional scale and trusted and iconic brands on both sides of the Tasman.”

Shares in Ampol (ASX:ALD) are trading 1.9 per cent higher $28.19 while shares in Z Energy (ASX:ZEL) are trading 1.8 per cent lower $3.28.