Z Energy settles Chevron New Zealand acquisition

Company News

by David Chau

Z Energy Limited (ASX:ZEL) has overnight completed settlement of the transaction to acquire Chevron New Zealand for $785 million.

Z Energy now has full ownership and operation of the Chevron business in New Zealand.

The company says that its current focus on stabilising the combined business.

The company also says that the cutover tasks associated with the change of ownership were completed on time and in line with expectations.

Z Energy reported a net profit of $57.7 million at 31 March 2016.

David Chau

Finance News Network
David joined FNN in April 2016. In addition to presenting the Market Outlook and latest business news stories, David interviews senior economists and CEOs of ASX-listed companies. Prior to working for FNN, David was a litigation lawyer.