3.78 per share is the price says bloomberg
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3.78 per share is the price says bloomberg
3.78 to is rather a lowball offer. I would have thought in the 4s easy
$3.78 - wow, best price since prior to covid, easy get out of jail card for holders - if the comcom approves that is.
yes i wondering the same technically you go down to 3 majors Z , BP and mobil and a minnow waitomo so it is reducing the competition as gull is swallowed up.
when nz refining was voted to go import terminal only really pushed by Z it was only a matter of time before Z was taken over as now nz refining as a import terminal only makes it very profitable for a big oil company overseas to import there fuel into nz via z
Got which Monday wrong by a week. Better late than never. I'm on record many times as saying the business is a bit of a dog...but I got a few because (where there's smoke there's usually fire), and I think if Mike Bennett and some of the other senior management could be forced into retirement there's some mileage in this sunset business. Commerce commission presents as a challenge but Gull could easily be sold as part of the deal and I note many of the Gull service stations are on the market and Gull really haven't been competing very hard on price lately, (around where I live).
$3.78 is probably all the business is worth as is...will be worth more when its managed properly but that's value that accrues to the purchaser, (not unlike the MET scheme of arrangement).
It looks like they've already gone through the process of upping the bid - from $3.30, to $3.78 so there probably isn't much chance it will go much higher than this point, rather Ampol would walk away and let Z fall back to barely $3 mark (and given the current level 4 lockdown, fuel demand would have dropped off a cliff, hampering earnings this FY).
Investing in ZEL now, would be like investing in a coal yard 8 years ago.
They dont do retail well,
Electric and soon hydrogen snapping on their heels...
But Mike Bennetts will say; "We welcome this change..."