Latest news with #SunocoLP
Calgary Herald
5 days ago
- Business
- Calgary Herald
Varcoe: Parkland's ‘incredible journey' from single gas station to $12.6B takeover
After welcoming investors and staff to the final annual meeting of Parkland Corp. this week, CEO Bob Espey reflected briefly on the company's Alberta roots, shortly after investors approved a takeover offer from a Texas-based energy giant. Article content On Tuesday, more than 93 per cent of shareholders of the Calgary-based company endorsed the $12.6-billion bid from U.S.-based Sunoco LP, an offer initially unveiled in May. Article content Article content Article content Once final regulatory approvals are in hand, the takeover will mark the end of an 'incredible journey' — in Espey's words — of a five-decade-plus run by the Canadian-operated business. Article content Article content A half-century of growth saw Parkland evolve from a small beef company based in Red Deer to a massive fuel distributor, marketer, and convenience retailer with assets in Canada, the United States and more than 20 countries. Article content Today, Parkland owns a chain of gas stations operating under the banners of Esso, Ultramar, Pioneer, Chevron, and Fas Gas Plus, and its On the Run convenience stores. Article content It has more than 4,000 retail gas and store locations and 5,500 employees, including 2,800 in Canada. More than 700 work in Calgary, where its head office is located in the downtown. Article content 'Our story began over 50 years ago when Jack and Joan Donald purchased a large position in the newly public company, Parkland Beef Industries, a cattle feedlot. Jack's entrepreneurial spirit was evident from the start when he diversified into fuel distribution,' Espey told the audience. Article content Article content 'He saw the potential of capital markets to fund growth through acquisition, a vision that still inspires us today.' Article content That vision spurred remarkable expansion, from a small junior stock listed on the Alberta Stock Exchange to Parkland becoming an income trust in 2002, converting back into a corporation several years later, and scaling up into a multibillion-dollar company on the Toronto Stock Exchange. Article content However, the acquisition strategy also helped sow the seeds of investor discontent in recent years, the prospect of a proxy battle and Parkland's eventual sale. Article content 'In my mind, it's a bit of a shame that this is no longer going to be a Canadian company because I thought it still had tremendous potential growth into the future,' former Parkland chair Jim Pantelidis, who served on the board from 1999 until mid-2023, said in an interview.
Yahoo
24-06-2025
- Business
- Yahoo
Parkland Corporation Announces Results of the 2025 Annual and Special Meeting of Shareholders
CALGARY, AB, June 24, 2025 /PRNewswire/ - Parkland Corporation ("Parkland", "we", the "Company", or "our") (TSX: PKI) held its annual and special meeting of shareholders on June 24, 2025 (the "Meeting"). The Company is pleased to announce that all matters presented at the Meeting were approved, including the special resolution (the "Arrangement Resolution") approving the arrangement with Sunoco LP (the "Arrangement") and election of all ten nominees listed in the management information circular dated May 26, 2025 (the "Information Circular"). The complete results of voting for business considered at the Meeting are set out below and are made available on Parkland's SEDAR+ profile at The Arrangement remains subject to other closing conditions, including regulatory approvals and the final approval by the Court of King's Bench of Alberta. The Arrangement is expected to close in the second half of 2025. Resolution 1 Approval of the Arrangement Resolution: Votes For 127,089,612 93.46 % Votes Against 8,890,026 6.54 % Resolution 2 Election of directors of Parkland to hold office until the close of the next annual meeting of shareholders, until their successor is elected or appointed, or until they otherwise cease to hold office: Nominee Votes For % For Votes Withheld % Withheld Felipe Bayon 89,964,790 66.16 % 46,015,816 33.84 % Nora Duke 89,480,242 65.80 % 46,500,364 34.20 % Robert Espey 83,194,482 61.18 % 52,786,124 38.82 % Sue Gove 95,328,135 70.10 % 40,652,471 29.90 % Timothy Hogarth 124,846,777 91.81 % 11,133,829 8.19 % Richard Hookway 89,731,677 65.99 % 46,248,929 34.01 % Michael Jennings 85,868,491 63.15 % 50,112,115 36.85 % Angela John 90,377,551 66.46 % 45,603,055 33.54 % James Neate 90,426,312 66.50 % 45,554,294 33.50 % Mariame McIntosh Robinson 90,496,213 66.55 % 45,484,393 33.45 % Resolution 3 Reappointment of PricewaterhouseCoopers LLP, Chartered Accountants, as auditor of Parkland until the close of the next annual meeting of shareholders, with remuneration to be determined by the board of directors of Parkland: Votes For 134,418,865 97.87 % Votes Withheld 2,929,008 2.13 % Resolution 4 Approval, on a non-binding and advisory basis, of Parkland's approach to executive compensation as set forth and described in the Information Circular: Votes For 88,102,453 64.79 % Votes Against 47,877,185 35.21 % About Parkland CorporationParkland is a leading international fuel distributor, marketer, and convenience retailer with safe and reliable operations in twenty-six countries across the Americas. Our retail network meets the fuel, and convenience needs of everyday consumers. Our commercial operations provide businesses with fuel to operate, complete projects and better serve their customers. In addition to meeting our customers' needs for essential fuels, Parkland provides a range of choices to help them lower their environmental impact, including manufacturing and blending renewable fuels, ultra-fast EV charging, a variety of solutions for carbon credits and renewables, and solar power. With approximately 4,000 retail and commercial locations across Canada, the United States, and the Caribbean region, we have developed supply, distribution, and trading capabilities to accelerate growth and business performance. Our strategy is focused on two interconnected pillars: our Customer Advantage and our Supply Advantage. Through our Customer Advantage, we aim to be the first choice of our customers through our proprietary brands, differentiated offers, extensive network, competitive pricing, reliable service, and compelling loyalty program. Our Supply Advantage is based on achieving the lowest cost to serve among independent fuel marketers and distributors in the hard-to-serve markets in which we operate, through our well-positioned assets, significant scale, and deep supply and logistics capabilities. Our business is underpinned by our people and our values of safety, integrity, community, and respect, which are embedded across our organization. Forward-Looking StatementsCertain statements contained herein constitute forward-looking information and statements (collectively, "forward looking statements"). When used in this news release, the words "commit", "ensure", "enhance", "expect", "increase", "ongoing", "will", and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, the final approval of the Court of King's Bench of Alberta, receipt of regulatory approvals, satisfaction of the conditions precedent to the Arrangement and the anticipated timing of closing of the Arrangement. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. These forward-looking statements speak only as of the date hereof. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities laws. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks, assumptions and uncertainties including, but not limited to: general economic, regulatory, market and business conditions; the completion of the Arrangement on anticipated terms and timing, or at all, including obtaining court approval, regulatory approvals and other customary closing conditions; Parkland's ability to execute its business strategy; action by other persons or companies; the expected timing of the court approval and the anticipated effective date of the Arrangement may be changed or delayed; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described under the headings "Cautionary Statement Regarding Forward-Looking Information" and "Risk Factors" in Parkland's current Annual Information Form, under the headings "Forward-Looking Information" and "Risk Factors" in Parkland's Management's Discussion and Analysis for the most recently completed financial period, and under the heading "Risk Factors" in the Information Circular, each as filed on SEDAR+ and available on Parkland's website at The forward-looking statements contained herein are expressly qualified by this cautionary statement. The forward-looking statements contained herein are expressly qualified by this cautionary statement. View original content to download multimedia: SOURCE Parkland Corporation
CTV News
16-06-2025
- Business
- CTV News
Proxy advisory firms ISS and Glass Lewis back Sunoco offer for Parkland
A boat travels past the Parkland Burnaby Refinery on Burrard Inlet at sunset in Burnaby, B.C., on Saturday, April 17, 2021. THE CANADIAN PRESS/Darryl Dyck CALGARY — Parkland Corp. says a pair of proxy advisory services are recommending shareholders vote in favour of a planned takeover by U.S. company Sunoco LP. The company says Institutional Shareholder Services Inc. and Glass, Lewis & Co. are both endorsing the bid. Sunoco has signed an agreement to buy Parkland in a cash-and-stock deal valued at US$9.1 billion, including assumed debt. 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. Parkland's biggest shareholder Simpson Oil, which holds an almost 20 per cent stake, has said it plans to vote in favour of the offer, however, New York-based Engine Capital, which owns 2.5 per cent of Parkland's shares, has said it won't support the deal as it stands. The shareholder vote is set for June 24. --- This report by The Canadian Press was first published June 16, 2025.
Winnipeg Free Press
16-06-2025
- Business
- Winnipeg Free Press
Proxy advisory firms ISS and Glass Lewis back Sunoco offer for Parkland
CALGARY – Parkland Corp. says a pair of proxy advisory services are recommending shareholders vote in favour of a planned takeover by U.S. company Sunoco LP. The company says Institutional Shareholder Services Inc. and Glass, Lewis & Co. are both endorsing the bid. Sunoco has signed an agreement to buy Parkland in a cash-and-stock deal valued at US$9.1 billion, including assumed debt. 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. Parkland's biggest shareholder Simpson Oil, which holds an almost 20 per cent stake, has said it plans to vote in favour of the offer, however, New York-based Engine Capital, which owns 2.5 per cent of Parkland's shares, has said it won't support the deal as it stands. The shareholder vote is set for June 24. Monday Mornings The latest local business news and a lookahead to the coming week. This report by The Canadian Press was first published June 16, 2025. Companies in this story: (TSX:PKI)
Yahoo
09-06-2025
- Business
- Yahoo
Was Jim Cramer Right Backing Sunoco (SUN) as a Reliable Dividend Play Last Year?
We recently published a list of . In this article, we are going to take a look at where Sunoco LP (NYSE:SUN) stands against other stocks that Jim Cramer discusses. In that older discussion, a caller expressed concern over how ConocoPhillips' acquisition of Marathon Oil might impact other related companies like NuStar Energy L.P., which has known for its generous 9% dividend. NuStar was also acquired by Sunoco LP (NYSE:SUN) during that month. Cramer reassured the caller, saying: 'You know I like them. NS I like. My understanding is they're separate — if I find otherwise, I'll tell you. I think MPLX is a terrific situation and I don't want to back away from it.' A truck parked at a gas station, its fuel tank being filled from a pump. Cramer's cautious optimism around the dividend play held up well with a +6.86% gain. Sunoco LP (NYSE:SUN) is a master limited partnership engaged in the wholesale distribution of motor fuels and operates a network of fuel stations and convenience stores across the U.S. Overall, SUN ranks 5th on our list of stocks that Jim Cramer discusses. While we acknowledge the potential of SUN as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Sign in to access your portfolio
