Suncor announced a strategic review of its Petrocanada retail network
Suncor cuts deal with activist investor
The embattled producer has sought a truce with Elliott Investment Management and brought in new blood to the board
Calgary-based Suncor Energy has now ceded to most demands of US activist investor Elliott Investment Management. The firm has been subject to an intense campaign since the end of April, with Elliott calling for change to unlock greater value for its shareholders. Prior to Elliott sending a public letter and presentation to Suncor, the company’s stock price had significantly underperformed its oil sands rivals Canadian Natural Resources, Cenovus Energy and Imperial Oil over the previous two years. Suncor’s stock price has since jumped by 25pc. Elliott criticised Suncor’s management for years of missed oil sands production targets, high costs, and employee fatalities and safety concerns—all st
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