CALGARY – Fuel refiner and retailer Parkland Corp. says shareholders have voted in favour of its planned takeover by U.S. company Sunoco LP.
At a special meeting, shareholders also voted in support of the director nominees that Parkland’s management put forward, drawing an end to a bitter proxy fight with an activist investor seeking a board overhaul.
Parkland owns the Ultramar, Chevron and Pioneer gas station chains as well as several other brands in 26 countries and a refinery in Burnaby, B.C.
More than 93 per cent of shareholders cast their ballots in support of the US$9.1-billion cash-and-stock friendly offer from Sunoco announced last month.
Members of Parkland management’s director slate got varying levels of support, most garnering around two-thirds in favour.
Caribbean-based Simpson Oil, which owns 20 per cent of Parkland’s shares, had been pushing for sweeping changes at the Calgary-based company, but ultimately decided to back the Sunoco deal in the hopes it would address its “lamentable performance.”
Engine Capital, another activist shareholder with a 2.5 per cent stake, said it wouldn’t support the Sunoco deal as it stands because the deal was rushed, the price was too low and there were likely other options available.
The deal is still awaiting approval under the Investment Canada Act, which considers foreign investments in Canadian businesses, and approval to list shares of the combined company on the New York Stock Exchange.
This report by The Canadian Press was first published June 24, 2025.
Companies in this story: (TSX: PKI)