Elliott, founded by Paul Singer, said it owns a 3.4 per cent economic stake in Suncor. The Calgary-based company is the worst-performing large oilsands producer in Canada since the beginning of 2021.
Suncor rose 6.4 per cent in early trading Thursday after Elliott’s letter was released, to $44.84 at 9:34 a.m. in Toronto. While the stock has returned 107 per cent since the beginning of last year, those gains have been dwarfed by Canadian Natural Resources Ltd.’s 170 per cent in the same period. Cenovus Energy Inc. has returned 200 per cent and Imperial Oil Ltd. 168 per cent.
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Activist investor Elliott Investment Management calling for shakeup at Suncor EnergyElliott Investment Management wants to add five new independent directors to the Suncor board and is calling for a review of the company’s executive leadership Exactly why every smart E&P CEO, seeking to maximize shareholder value, will be use cash flow over the next 3-5 years to go private. Being a public fossil fuel producer carries absolutely no benefit with enormous cost. lbo Just a suggestion? Fiercely partisan and bellicose Alberta and Suncor should finally try a just a modicum of humility, including considering PR, and begin using hydro-electricity instead of gas.
Source: globeandmail - 🏆 5. / 92 Read more »
Activist investor Elliott Investment Management calling for shakeup at Suncor EnergyElliott Investment Management wants to add five new independent directors to the Suncor board and is calling for a review of the company’s executive leadership Exactly why every smart E&P CEO, seeking to maximize shareholder value, will be use cash flow over the next 3-5 years to go private. Being a public fossil fuel producer carries absolutely no benefit with enormous cost. lbo Just a suggestion? Fiercely partisan and bellicose Alberta and Suncor should finally try a just a modicum of humility, including considering PR, and begin using hydro-electricity instead of gas.
Source: globeandmail - 🏆 5. / 92 Read more »