Suncor Energy Inc. reported the highest quarterly dividend in the company’s history on Monday, a much-needed salve as it faces demands of significant, structural change from a powerful activist investor.
And the elephant in the room will be activist hedge fund Elliott Investment Management LP, a Florida-based group pushing for a shakeup of Suncor and one of the company’s largest shareholders, with a 3.4-per-cent stake.doesn’t believeIn a letter to Suncor directors on April 28, Elliott said its proposals would add $30-billion to the energy company’s market capitalization, “a potential increase of 50 per cent or more from today.
The fund has made no bones about the fact it wants to oust several directors at the major oil sands producer, elect five of its own choosing, and explore a sale of Suncor’s Petro-Canada gas station chain - one of Canada’s largest networks of gas stations, which Elliott has said represents $5-billion in “trapped value.”
And that’s Trudeau’s fault too, I guess
Your paper sucks. Cancelled after subscribing for years.