Suncor launched a review of its ownership this summer as part of an agreement with hedge fund Elliott Investment
plans to hold on to its Petro-Canada division and expand the gas stations’ offerings, defying an activist investor’s push to sell the chain.
“After careful consideration, the board has concluded that retaining and optimizing the Company’s retail business will generate the highest long-term value for shareholders,” said Suncor chair Mike Wilson in a press release. He said the company, one of Canada’s largest oil and gas producers, plans to boost gas station sales and cash flow by striking strategic partnerships with nonfuel related businesses such as quick service restaurants, convenience stores and “energy transition offerings.
Suncor appointed a board committee to review options for its retail business and the group included Elliott-nominated directors. In a release, the company said its board committee opted to keep Petro-Canada after consulting with investors and other stakeholders and reviewing “preliminary indications of interest” from potential buyers.
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