Monday, August 15

Canadian Press NewsAlert: Suncor reaches deal with activist investor

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CALGARY — Suncor Energy Inc. says it has reached a deal with activist investor Elliott Investment Management LP that will see it undertake a strategic review of its downstream retail business with the goal of “unlocking shareholder value.”

The agreement will also see three new independent directors join the company’s board.

The US-based investment manager had expressed frustration in April in what it called a recent decline in performance at the energy producer.

More coming.

Companies in this story: (TSX:SU)

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