The sharemarket gained, as fuel retailer Z Energy surged on the prospect of a takeover by Australia’s Ampol.
The benchmark S&P/NZX 50 Index rose 123.584 points, or 0.96 per cent, to 13,064.07 on Monday.
Z Energy jumped 14 per cent to $3.48 after confirming it had received a bid from Australian fuel retailer Ampol, which owns the Gull chain, at $3.78 per share. Z Energy’s board did not believe the offer was high enough and had given Ampol four weeks to complete due diligence and have the opportunity to raise its offer.
“Long-term shareholders in Z Energy will be pleased to see it ticking upwards, although maybe for some there is still a long way to go to get back to in the money,” said Hamilton Hindin Greene investment adviser Grant Davies.
At the start of last year, Z Energy was trading at $4.45, and five years ago the stock was above $7.
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