DecisionConsent granted
Section 13(1) Overseas Investment Act 2005
Decision Date23 June 2017
Investment

An overseas investment in significant business assets, being Caltex Australia Limited’s (the “Applicant”) acquisition of:

  • up to 100% of the ordinary shares in Gull New Zealand Limited through CAL Group Holdings NZ Limited; and
  • the assets of Raeside NZ Limited through Terminals New Zealand Limited,

(the “Investment”).

Consideration$340,000,000
ApplicantCaltex 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
Australia (100%)

Gull Petroleum (N.Z.) Limited
Australia (100%)

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 informationSusie Kilty/Grant Dunn
Buddle Findlay
PO Box 2694
WELLINGTON 6140