Suncor Energy Inc. announced a truce with an activist investor that will see the Canadian oil sands giant expand its board of directors and possibly sell its retail business.As part of its pact with Elliott Investment Management, Suncor said Monday it is immediately adding ex-BHP Billiton executive Ian Ashby, Arc Financial Corp. Partner and ex-Devon Canada President Chris Seasons, and ex-Talisman Energy Inc. Executive Vice-President Jackie Sheppard to its board of directors.
Suncor also said it will conduct a strategic review of its downstream retail business, which includes approximately 1,500 Petro-Canada fuel stations.“The board's review of the retail business builds on our long-standing commitment to openly consider alternatives to enhance shareholder value and will help ensure the company is well positioned for even greater success and value creation in the future,” said Suncor Chair Michael Wilson in a press release Monday.
Why get rid of the Retail when there is a death at a mine. I think the business model the way it is helps keep it profitable even when prices are low.
Goodbye Retail start the bidding
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