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Aug 10, 2022

​Parkland would consider buying Suncor's retail assets: CEO

We continue to see the robustness of our convenience business: Parkland CEO

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Parkland Corp. could be a suitor for the speculated sale of Suncor Energy Inc.'s retail business, according to the company's CEO.
 
In July, Suncor announced its retail business would undergo a strategic review, which could lead to the sale of approximately 1,500 Petro-Canada gas stations across the country. 
 
The strategic review is part of a truce Suncor made with one of its major shareholders, Elliott Investment Management. Suncor also expanded its board of directors at the request of Elliott Investment, a decision that was made when the oil giant announced the review.   

“If we can find good value, we’d be delighted to welcome those assets into the Parkland family,” Bob Espey, the president and chief executive officer of Parkland, told BNN Bloomberg in a TV interview on Wednesday. “[The sale] is still in speculation.”
 
Espey noted that Parkland actively looks at assets that come on sale in the marketplace. 
  
If Suncor’s retail business was to be sold as one whole transaction, the sale could total $11.2 billion in pre-tax proceeds (or $8.9 billion after tax), according to Credit Suisse analyst Manav Gupta.