FCL quits gas
PA Wellington Fletcher Challenge, Ltd, has sold its liquiefied petroleum gas (L.P.G.) interests to BP Gas New Zealand, Ltd, and New Zealand Industrial Gases, Ltd, in a $26.5 million cash deal.
The sale, announced jointly by the three companies, is subject to . approval by the Commerce Commission and the Overseas Investment Commission.
The purchase entails BP and NZIG’s buying an equal interest in the FCL
company Rockgas, Ltd, which wholesales and retails L.P.G.
It also involves BP buying the 16.5 per cent FCL shareholding in Liquigas, Ltd, a consortium formed in 1981 for the distribution of bulk LPG throughout New Zealand.
The joint statement said BP and NZIG would retain the Rockgas identity and will protect the existing Rockgas staff and customers, but will continue to service their existing L.P.G. customers independently.
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Press, 11 February 1986, Page 26
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135FCL quits gas Press, 11 February 1986, Page 26
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