Former Suncor chief executive Mark Little had always said the business – which Suncor acquired in a 2009 takeover – was integral to the continent’s best refining and marketing operation. At last count, it accounts for 11 per cent of Canada’s gas stations.
Couche-Tard is widely seen as a logical buyer. It is likely, however, that antitrust concerns could prevent it from acquiring the whole network, leaving other companies, such as Parkland, to scoop up parts where there is little overlap. Couche-Tard operates some 14,000 stores in 26 countries, including 2,100 in Canada, mostly under the Circle K brand. The company hasn’t made a major acquisition since buying Texas-based CST Brands Inc. for US$4.4-billion in 2017 and appears hungry for a deal if the price is right.Simon Scott, a spokesperson for Calgary-based Parkland, another fast-growing independent that sells gasoline in Canada, the U.S.
When it was established as a Crown corporation in the 1970s and acquired several companies, Petro-Canada was a symbol of federal incursion into Alberta’s energy wealth. It softened its image in the West with its sponsorship of the 1988 Calgary Winter Olympics and it remains known for its support of amateur sport. The company also has a cross-Canada network of charging stations for EVs.
Ah yes, the inspiring wisdom of US activist investor ... but a very good signal that the company and its long-term shareholders should go precisely in the opposite direction.
American corporations, breaking up Canada's largest oil company. All for the benefit of Canadians! Ha ha