Z Energy buys Caltex NZ chain

Z chief executive Mike Bennetts said Mike Bennetts said Z would operate two brands throughout the combined service station network. Z would continue with its new build programme on prime sites around New Zealand.

"The acquisition is also a great fit with our longer term market growth strategy," said Bennetts.

"Caltex is a successful and highly attractive business in New Zealand and the acquisition means we can use the scale of the combined operation for the expanded supply of biodiesel to a broader market."

He said the Commerce Commission and Overseas Investment Office processes were expected to take some months. "It is very much business as usual for Z, with a continued focus on safety, people and operational excellence."