Sharechat Logo

Caltex keen on Challenge Petroleum

By Phil Boeyen, ShareChat Business News Editor

Wednesday 23rd May 2001

Text too small?
Just days after announcing it had sold the last of its Capstone shareholding, Rubicon (NZSE: RBC) may have a buyer for its Challenge petrol business.

Caltex is seeking Commerce Commission approval to acquire Challenge from Rubicon, who inherited the business in the restructuring of the Fletcher letter stocks.

Caltex - one of the 'big four' oil companies in New Zealand along with BP, Shell and Mobil - is owned by US oil companies Texaco and Chevron.

Challenge was started in 1998 and has around 5% market share with more than a hundred branded petrol stations.

It owns some 17 petrol stations outright while the remainder are independently owned but use the Challenge brand. The business also operates two fuel distributors, one in the North Island and one in the South Island.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Rubicon returns to profit as Tenon rides US housing rebound, ArborGen rejigs R and D
ArborGen buys CellFor for CND $1.1 million, reducing Rubicon's shareholding
Rubicon shares jump on fully subscribed rights issue
Rubicon to raise $21m from 1-for-3 rights issue
Rubicon sinks deeper into the red
Rubicon's biggest shareholder poised to take seat on the board
Rubicon shareholder cries foul over management, calls for carve up and sell-down
Rubicon completes $21 million capital raising, supported by 80% of shareholders
Rubicon in trading halt pending capital-raising announcement
Writedowns hurt Rubicon first half