Suncor cuts deal with activist investor
The embattled producer has sought a truce with Elliott Investment Management and brought in new blood to the board
Calgary-based Suncor Energy has now ceded to most demands of US activist investor Elliott Investment Management. The firm has been subject to an intense campaign since the end of April, with Elliott calling for change to unlock greater value for its shareholders. Prior to Elliott sending a public letter and presentation to Suncor, the company’s stock price had significantly underperformed its oil sands rivals Canadian Natural Resources, Cenovus Energy and Imperial Oil over the previous two years. Suncor’s stock price has since jumped by 25pc. Elliott criticised Suncor’s management for years of missed oil sands production targets, high costs, and employee fatalities and safety concerns—all st
Also in this section
24 October 2024
Producers in the region see significant gains to be made by boosting output using the infrastructure already in place
23 October 2024
Markets have seen no material disruption from the war so far, but as the fighting goes on it is a matter of when, not if
23 October 2024
Majors in the region are pushing boundaries and could see significant upside, but longer-term risks remain
22 October 2024
Angola is unlikely to meet the official timeline for an IPO of state-owned oil giant Sonangol in 2026