Z Energy Limited (NZSE:ZEL) says a takeover by Ampol Limited (ASX:ALD) will probably require a highly conditional sale of discounter Gull, as its shares surged to the highest level since the pandemic. The company confirmed 23 August 2021 that it has been in prolonged talks with Ampol about a possible sale, as it confirmed it had received a non-binding bid worth $3.78 a share, valuing the company at close to $2 billion. Chief Executive Officer Mike Bennetts, who has led Z Energy since 2010, made it clear that the board was not recommending shareholders should accept the deal, but the latest offer was sufficient to permit Ampol to conduct due diligence.

Ampol Chief Executive Officer Matthew Halliday declined to elaborate on what the company would be prepared to do to satisfy competition concerns beyond saying it could consider a full divestment of Gull.