Elliott, which owns about 3% of Suncor, has urged the company to bring in new directors and undergo a management and strategic review. The investment firm could not be reached for comment.
Suncor owns Petro-Canada, a network of 1,800 retail and wholesale fuel stations across Canada.
Shares of Calgary, Alberta-based Suncor rose 2.4% amid broader gains for oil companies on Monday.
“The stock will pop on the news, but is it the best for them in the long run (to sell the retail business)? Probably not,” said Darren Sissons, vice president and partner at Campbell, Lee & Ross, a Suncor shareholder.
Selling the retail business would reduce Suncor’s diversification, Sissons said.
The bidders for that business will likely include Alimentation Couche-Tard Inc and Seven & i Holdings Co Ltd, better known as 7-Eleven, said Brian Madden, chief investment officer at First Avenue Investment Counsel, a Couche-Tard shareholder.
“They’d be…
