A Petro-Canada gas station in Toronto, Ontario, Canada, on Friday, July, 29, 2022. Suncor Energy Inc. said it decided to retain its Petro-Canada retail unit after a review. Suncor Energy Inc. , the Canadian oil sands producer under pressure from activist investor Elliott Investment Management LP , said it decided to retain its Petro-Canada retail unit after a review. Suncor said Tuesday in a statement it will work on improving the unit, which one analyst had said could bring after-tax proceeds of almost C$9 billion ($6.7 billion) in a sale. That process will include “continued optimization of the Petro-Canada retail sites across the network,” it said. The chain holds about 18% of Canadian fuel retail sales. “Petro-Canada is a unique, differentiated, and strategic asset due to its strong national network and best in market consumer brand and loyalty program,” Chair Mike Wilson said in a statement. Suncor has been making changes ever since Elliott went public in April with its campaign to overhaul management, refresh its board and improve performance. The investment firm, founded by Paul Singer, has been critical in particular of Suncor’s safety record following a series of deadly incidents that contributed to lost crude output and […]
CamTrader offers a preview only. View original article. www.bloomberg.com
