| Decision | Consent granted Section 13(1) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 23 June 2017 |
| Investment | An overseas investment in significant business assets, being Caltex Australia Limited’s (the “Applicant”) acquisition of:
(the “Investment”). |
| Consideration | $340,000,000 |
| Applicant | Caltex Australia Limited Australian Public (56.9912%) United States Public (23.7525%) European Public (6.26%) Asian Public (5.7%) United Kingdom Public (5.1352%) Various overseas persons (2.0511%) New Zealand Public (0.11%) |
| Vendor | Raeside NZ Limited Gull Petroleum (N.Z.) Limited |
| Background | The Applicant is an ASX-listed company, incorporated in Australia, that refines, imports, markets, and distributes petroleum products. Although the Applicant currently has contracts with New Zealand-based entities, it does not currently have any incumbent business presence in New Zealand. The Applicant is seeking to purchase the business interests of Gull Petroleum N.Z. Limited (“Gull”), a New Zealand-registered company that operates in the fuel retail industry. Following completion of the Investment, Caltex Australia will take over Gull's 26 unmanned sites, 25 convenience stores, 22 supply sites and 4 marina supply sites. It will retain Gull’s management, employees and brand and continue to grow the business, by expanding into new geographic areas and engaging in site expansions. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | Susie Kilty/Grant Dunn Buddle Findlay PO Box 2694 WELLINGTON 6140 |