Singer’s Elliott Scores Victory as Suncor Explores Retail Sale
- Oil firm to review ‘wide range of alternatives’ for division
- Former Talisman, BHP executives become directors immediately
Suncor Energy headquarters in Calgary.
Photographer: Gavin Bryan John/BloombergThis article is for subscribers only.
Suncor Energy Inc. will review its retail business for a possible sale and add three new directors as part of a deal with Elliott Investment Management LP, bowing to pressure from the activist investment firm.
The revised board will form a committee to oversee the review of the downstream assets, Calgary-based Suncor said Monday in a statement. The retail group includes one of Canada’s largest networks of gas stations with convenience stores attached -- more than 1,500 locations operating under the Petro-Canada brand.