But it says it will 'improve and optimize' Petro-Canada
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 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.
(Bloomberg) -- 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.Most Read from BloombergApple to Lose 6 Million iPhone Pros From Tumult at China PlantNext Covid-19 Strain May be More Dangerous, Lab Study ShowsMusk Threatens War With Apple, Jeopardizing Vital RelationshipStocks Hit by Fedspeak as China Woes Boost Havens: Markets WrapSuncor said Tuesday i