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On March 23, 2009, Suncor announced its intent to acquire Petro-Canada. [11] [12] This merger created a company with a combined market capitalization of C$43.3 billion. On June 4, 2009, a 98% approval rate was reached by Suncor's shareholders for the acquisition of Petro-Canada and the Competition Bureau approved the merger on June 21, 2009.
Petro-Canada (colloquially known as Petro-Can) is a retail and wholesale marketing brand subsidiary of Suncor Energy. Until 1991, it was a federal Crown corporation (a state-owned enterprise ). In August 2009, Petro-Canada merged with Suncor Energy, with Suncor shareholders receiving approximately 60 percent ownership of the combined company ...
Suncor Energy completed merger with Canada's 11th largest company Petro Canada on August 1, 2009 in a 21 billion dollar deal to form the largest oil and second largest company overall in Canada. [66] [67] At the time of the merger it had a market capitalization of $43 billion and held the biggest position in Alberta's oil sands. [68]
Suncor replaced its chief executive in July and agreed to review its retail fuel unit by the end of this year after Elliott Investment, which owns 3% of the company, pushed for changes, flagging a ...
A Bay Street money manager says Suncor Energy will have no problem finding partners to enhance Petro-Canada gas stations with more food, shopping, and green travel options.
Elliott, which owns about 3% of Suncor, has urged the company to bring in new directors and undergo a management and strategic review. ... Canada's second-largest crude oil producer has been under ...
In December 2009, Husky acquired 98 Sunoco and Petro-Canada stations in Ontario as part of Suncor Energy's acquisition of Petro-Canada. [24] In October 2015, Husky announced an agreement with Imperial Oil to combine its commercial cardlock network with Esso's network. As part of the agreement, all Husky cardlock locations were rebranded as Esso ...
The last major expansion of the refinery occurred in 2005 when Petro-Canada made the decision to close a smaller refinery operating in Oakville, Ontario and consolidate the Eastern Canada operations in Montreal. A very substantial investment in the Montreal refinery was made to expand the capacity of that facility to approximately 130,000 bpd.