Ampol gains Commerce Commission clearance for Z Energy

The Commerce Commission has released its decision on Ampol's proposed takeover of Z Energy. Photo / File

The Commerce Commission has granted clearance to Australian fuels company Ampol to acquire NZX-listed Z Energy.

The offer values Z Energy at $2 billion.

Clearance is subject to an undertaking from Ampol to sell Gull, the country's third-biggest fuels company.

Earlier this week, Ampol said it would sell Gull to Australian investment firm Allegro for $572 million.

"The commission is satisfied that, if Ampol sells Gull, the acquisition will not have or be likely to have the effect of substantially lessening competition in any relevant market in New Zealand," commission chair Anna Rawlings said in a statement.

"We test this by comparing the likely state of competition if the merger proceeds with the likely state of competition if the merger does not proceed."

Under the terms of the divestment undertaking, Ampol is required to sell Gull as a going concern within a specified timeframe to a buyer approved by the commission.

In granting clearance, the commission is not approving Allegro as the purchaser of Gull, Rawlings said.

Under the terms of the undertaking, Ampol is required to obtain separate, formal approval from the commission for Allegro to acquire Gull.

The commission gives clearance to proposed mergers if it is satisfied that it is unlikely to have the effect of substantially lessening competition in a market.

A meeting of Z Energy shareholders is scheduled for Friday, March 25, to consider the offer, which is being undertaken through a scheme of arrangement.