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2d ago

Sunoco's $9.1B Acquisition of Parkland Clears Key Legal Hurdle

A Canadian court supports Parkland's decision to delay its shareholder meeting, aligning the vote on Sunoco's offer with board elections.

Image
Cars line up at a Sunoco gas station offering high-level ethanol-gasoline blends at a cost below regular gasoline, on April 13, 2022, in Delray Beach, Fla. Credit: AP Photo/Marta Lavandier
Cars fill up at a Sunoco gas station near Rockbridge, Ohio.
Parkland Corp.’s Burnaby, B.C. refinery.

Overview

  • Sunoco LP has agreed to acquire Parkland Corp. in a $9.1 billion cash-and-stock deal, including assumed debt, creating the largest independent fuel distributor in the Americas.
  • Parkland shareholders will vote on the deal and board elections at a rescheduled meeting on June 24, following a court ruling supporting the delay.
  • The acquisition includes commitments to maintain Parkland's Calgary headquarters, preserve Canadian jobs, and invest in the Burnaby low-carbon refinery.
  • Simpson Oil, Parkland's largest shareholder, opposes the delay and has criticized the current board’s governance, calling for their resignation.
  • The transaction awaits shareholder, court, and regulatory approvals, with completion targeted for the second half of 2025.