Parkland rejects activist investor's call to sell or spin off Burnaby, B.C. refinery
BNN Bloomberg
Parkland Fuel Corp. said Thursday its Burnaby, B.C. refinery is not for sale, even in the face of pressure from an activist investor.
The Calgary-based fuel retailer and convenience store operator has been the subject of a campaign by U.S.-based Engine Capital LP, which owns about a two per cent stake in Parkland.
The activist investor has been calling on Parkland to consider selling or spinning off its Burnaby refinery in order to become a pure-play fuel marketer and retailer.
As part of its campaign, Engine Capital had warned Parkland it would withhold support from the company's incumbent directors at Parkland's annual meeting Thursday.
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