"If they're associated with Gull that sounds good coz they're a cheaper petrol," another says. "If it increases competition and keeps fuel prices down that's a good thing," one person says. We'd like that to continue," says Terry Collins, principal adviser with motoring lobby Automobile Association. "Every location Gull has gone to they've brought with them the 'Gull effect' and had a significant and positive influence on the price of fuel. "It's like buying a house or car, if someone comes along and offers you more than what you think it's worth then you would recommend you would sell it," Bennetts says.Īustralia's Ampol already owns fuel retailer Gull - which it's committed to sell in order to get the deal through. Z Energy's recommending its shareholders accept the takeover offer of $3.78 a share. "Z will be purchased by Ampol, a very large downstream fuel company in Australia for around $2 billion," Z CEO Mike Bennetts says. But after 11 years it's heading offshore. Z Energy is our largest fuel retailer with 330 Z-branded and Caltex stations nationwide.
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