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Z Energy cleared to buy Caltex stations

NZ NewswireNZ Newswire 28/04/2016

A bid by petrol company Z Energy to buy the Caltex and Challenge service station chains in New Zealand has been given the green light.

The deal to buy Chevron New Zealand - giving Z 49 per cent of New Zealand's petrol retail market - had been cleared by the Overseas Investment Office, but had been awaiting clearance from the competition watchdog.

Competitors lodged their opposition with the Commerce Commission over fears the deal would significantly reduce competition between petrol companies in New Zealand - but the commision on Friday gave the $785 million deal the go-ahead.

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