Sunoco LP has entered into a $9.1 billion cash-and-stock agreement to acquire Parkland Corp., addressing ongoing governance challenges from its largest shareholder, Simpson Oil Ltd. Parkland's annual meeting has been postponed as shareholders will review the acquisition on June 24. Parkland's leadership believes the deal will safeguard jobs in Canada and enhance investment, positioning the combined entity as a dominant fuel distributor in the Americas. Shareholders will have multiple options for compensation, including SUNCorp units and cash alternatives.
The board unanimously recommends the proposed transaction, recognizing Sunoco's commitment to safeguarding Canadian jobs, retaining the Calgary head office, and further investing in Canada.
This partnership creates significant financial benefits for shareholders and positions the combined company as the largest independent fuel distributor in the Americas.
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