Activist investor Engine Capital plans to vote against US$9.1B Parkland-Sunoco deal

Jun 6, 2025

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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 — A major shareholder in fuel refiner and retailer Parkland Corp. says it plans to vote against its planned takeover by U.S. heavyweight Sunoco LP.

Engine Capital owns 2.5 per cent of Parkland’s shares, making it one of the Calgary-based company’s biggest investors.

In a letter to Parkland’s board of directors, Engine’s leadership argues the Sunoco deal was rushed, the price is too low and that there are likely better options available.

A month ago, Parkland and Sunoco announced a friendly cash-and-stock takeover deal valued at US$9.1 billion including debt

Shareholders are to vote on the transaction at a meeting set for June 24 in Calgary.

Engine says it has nothing against Sunoco and would happy to become a long-term investor in that company — but only if its offer is rejigged to better reflect Parkland’s value.

This report by The Canadian Press was first published June 6, 2025.

Companies in this story: (TSX:PKI)

Lauren Krugel, The Canadian Press

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