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Sunoco Worth 53% More in Pieces With Refinery Exit: Real M&A

Sunoco Inc., the world’s least profitable owner of refineries under pressure to reward beleaguered shareholders, already has a valuation 53 percent greater broken up or sold in pieces.

Sunoco, which this week said it will sell or shut its last two refineries and explore all options for the company, was the only oil refining and marketing company greater than $1 billion to lose money in the last 12 months, according to data compiled by Bloomberg. Breaking up the company and valuing its operations separately, Philadelphia-based Sunoco may be worth as much as $2.17 billion more, according to Barclays Plc.