Chapman Tripp has the lead role on the expected $726 million initial public offering of New Zealand oil company Z Energy Ltd.
The Wellington-based company, formerly the New Zealand subsidiary of Royal Dutch Shell Plc., operates a chain of 200 gas stations and has a 17 percent stake in the country’s only oil refinery. Z Energy accounts for about a third of all fuel sold in New Zealand.
The company is planning to sell up to 60 percent of its shares on the Australian and New Zealand stock exchanges. It is part of a spate of major IPOs in New Zealand. In May, state-owned Mighty River Power Ltd. held a $1.6 billion listing. A $2.4 billion IPO for state-owned electrical utility Meridian Energy Ltd. is planned for later this year.
Chapman Tripp Wellington partner Geof Shirtcliffe is leading the firm's team on the deal. Minter Ellison Wellington partners Paul Foley, Patricia Green, and Rachel Devine are also advising on New Zealand law issues. Minter Ellison Sydney partner Michael Barr-David is serving as counsel on Australian law matters and the proposed ASX listing.*
Baker & McKenzie Sydney partners Ben McLaughlin and Guy Sanderson are advising Z Energy on non-New Zealand aspects of the listing.
Banks arranging the IPO are First NZ Capital Group Ltd.; Goldman Sachs New Zealand Ltd; Craigs Investment Partners Ltd.; Deutsche Bank AG; and Forsyth Barr Ltd. Bell Gully is acting as legal counsel for the banks.*
*Updated, 7/29/13: This story has been updated to include the role of Minter Ellison Sydney partner Michael Bar-David as advisor to Z Energy and Bell Gully as counsel to the banks.