Australian fuel supplier Ampol Ltd has made a NZ$1.97 billion ($1.34 billion) takeover bid for New Zealand peer Z Energy, valuing it at a 24% premium to its last closing price, the companies said on Monday.

       Z Energy said it will open its books to Ampol following the NZ$3.78 a share buyout offer, which it said followed three previous approaches that were not publicly disclosed.

       Shares of Z Energy soared over 17% on news of the bid to NZ$3.58, their highest since March 2020.

       The company said Ampol made at least three prior bids ranging from NZ$3.35 to NZ$3.60, verbally and through letters. Ampol said separately it made a first approach on June 2 and acknowledged a second at NZ$3.50 on July 1.

       Ampol will now have four weeks of exclusive access to Z Energy's books to conduct due diligence, the two companies said.

       The two companies are also talking about an option for a partial share consolidation for Ampol and potentially a secondary listing in New Zealand, Z Energy said.

       Z Energy was formed when Infratil Ltd and a local pension fund bought Royal Dutch Shell's downstream business in the country in 2010. In 2016, the company expanded further by buying Chevron's local assets.

       ($1 = 1.4650 New Zealand dollars)- Reuters