Parkland Shares Rally After Takeover Deal With Sunoco

Dow Jones

May 05

By Robb M. Stewart

Parkland's shares jumped Monday after the Canadian fuel distributor struck a friendly takeover deal with Sunoco worth about $9.1 billion.

In morning trading, Parkland was up 7.9% at 39.15 Canadian dollars. That widened its advance so far this year to 20%, and narrowed the drop seen over the past 12 months to 2.5%.

Dallas-based Sunoco fell 5.9% to $54.55 on news of the definitive deal to buy the Calgary, Alberta, company, which owns more than 4,000 gas stations and a chain of convenience stores, plus a refinery on Canada's west coast.

Sunoco said it will form a new publicly traded business named SUNCorp that will hold limited partnership units of its parent that will be equivalent to Sunoco shares. Parkland shareholders will be offered C$19.80, the equivalent of $14.33, plus 0.295 of a SUNCorp unit, for each Parkland share--or they alternatively can elect to receive C$44 per Parkland share in cash or 0.536 of a SUNCorp unit for each Parkland share.

News of the deal came a day ahead of Parkland's now-cancelled annual shareholders' meeting and a clash with its biggest shareholder, Simpson Oil. Family-owned Simpson had put forward its own slate of director nominees.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

May 05, 2025 10:47 ET (14:47 GMT)

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Stewart at robb.stewart@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  May 05, 2025 10:47 ET (14:47 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4138","symbol_name":"石油与天然气的炼制和营销","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2533536385","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2533536385","pubTimestamp":1746456420,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"Parkland's shares jumped Monday after the Canadian fuel distributor struck a friendly takeover deal with Sunoco worth about $9.1 billion.In morning trading, Parkland was up 7.9% at 39.15 Canadian dollars. 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