US EditionParkland-Sunoco deal comes amid fraught U.S.-Canada relations, resource nationalism
- Sunoco LP proposed a friendly US$9.1-billion takeover of Calgary-based Parkland Corp. Last week, subject to Investment Canada Act review.
- The deal follows Ottawa’s updated Investment Canada Act guidelines assessing national security and economic risks amid strained Canada-U.S. Relations and rising resource nationalism.
- Parkland sells fuel under multiple Canadian brands and operates a Burnaby refinery supplying nearly one-third of the region’s gasoline and jet fuel.
- Union officials expressed concern about transferring control of key energy assets to an overseas corporation amid ongoing trade tensions, while Sunoco has assured that Canadian employment levels will be maintained and that Parkland’s headquarters in Calgary will remain operational.
- The deal’s timing could attract heightened scrutiny, and the review will consider whether it benefits Canada without harming national security or supply chains.
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Parkland-Sunoco deal comes amid fraught U.S.-Canada relations, resource nationalism – Energeticcity.ca
CALGARY — Ottawa is weighing the proposed takeover of Calgary-based Parkland Corp. by American fuel distributor Sunoco LP at a time of fraught Canada-U.S. relations and amped-up resource nationalism. The US$9.1-billion friendly deal announced last week is subject to a review under the Investment Canada Act, which considers whether foreign investments would be a net benefit to the country or cause potential harm to national security. “The timing …
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