Canada's Suncor Energy Inc said on Tuesday it will retain the Petro-Canada gas station retail business following a review it initiated earlier this year under pressure from activist investor Elliott Investment Management.
Suncor Energy facility is seen in Sherwood Park, Alberta, Canada August 21, 2019. REUTERS/Candace Elliott/File Photosaid on Tuesday it will retain the Petro-Canada gas station retail business following a review it initiated earlier this year under pressure from activist investor Elliott Investment Management.
Suncor replaced its chief executive in July and agreed to review its retail fuel unit by the end of this year after Elliott Investment, which owns 3% in the company, pushed for changes, flagging poor safety record and lackluster stock performance. "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 Mike Wilson, chair of Suncor board.
The company, which is Canada's second-biggest oil producer, will undertake optimization of retail sites across the network as well as expansion of strategic partnerships in non-fuel related businesses, the board said. Petro-Canada's 1,600 stations account for 18% of Canada's fuel retail sales, making the business one of the biggest in the country.
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