Caltex swoops on Gull

FUEL retailer Caltex Australia has received regulatory approval to buy Gull New Zealand for about $325 million as part of its plan to increase its retail business.

Caltex yesterday said it anticipates the takeover of NZ’s leading biofuel retailer will be completed by July 3 after the New Zealand Overseas Investment Office gave its consent to the buyout.

The deal will be funded through a combination of existing and new bank debt arrangements, Caltex said in a statement.