Circle K Owner Couche-Tard Seen as Potential Bidder for Suncor Retail Unit
- Oil producer is reviewing downstream assets in Elliott deal
- One investor questions ‘fire sale’ under activist pressure
A driver fills up his car at a Petro-Canada gas station in Vancouver, British Columbia.
Photographer: Ben Nelms/Bloomberg
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Suncor Energy Inc.’s decision to bow to investor pressure and investigate a sale of its gas stations has turned the spotlight on one potential buyer -- Quebec’s Alimentation Couche-Tard Inc.
The acquisitive owner of the Circle K chain has been seeking a major acquisition and tried unsuccessfully to take over French grocery chain Carrefour SA last year. Suncor said Monday it will consider options for its downstream assets, which include more than 1,500 Petro-Canada locations, making it one of the country’s largest retail fuel and convenience store chains.