Activist investor seeking Suncor Energy changes: ‘unlock the value’
Global News
In a letter to Suncor's board on Thursday, U.S.-based Elliott Investment Management expressed frustration in what it said is a recent decline in performance at the energy producer.
One of North America’s most aggressive activist investors has set its sights on Suncor Energy Inc., seeking an overhaul of the company’s board and management team, along with the possible sale of Petro-Canada.
In a letter to Suncor’s board on Thursday, U.S.-based Elliott Investment Management expressed frustration in what it said is a recent decline in performance at the energy producer.
“It is evident that Suncor’s status quo is not working,” Elliott partner John Pike and portfolio manager Mike Tomkins wrote in their letter.
“Shareholders have seen their investment lag behind nearly all large-cap North American oil and gas companies, as Suncor’s share price has remained virtually unchanged since early 2019, even as oil prices have climbed to their highest level in almost a decade.”
Elliott holds a 3.4 per cent economic interest including shares and cash-settled derivatives contracts in the Calgary-based company.
In its letter, Elliott laid out its proposal for Suncor, which includes adding five new independent directors to the company’s board and then undertaking a strategic review of Suncor’s executive management team, including CEO Mark Little.
It also wants Suncor to explore opportunities to “unlock the value” outside of its core oilsands business. Possibilities could include the potential sale or spinoff of Suncor’s Petro-Canada 1,800-location retail network.
Elliot Investment Management is a well-known activist investor with approximately US$51.5 billion of assets under management. It has previously targeted large corporations like AT&T, Hyundai, and Softbank.
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