Suncor Energy (SU) Responds to Elliott Investment Management
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April 28, 2022 10:10 AM EDT
By Svea Herbst-Bayliss
(Reuters) -Activist investment firm Elliott Management is pushing Canada's Suncor Energy Inc to add new board directors, overhaul management and begin a strategic review, arguing that its shares have lagged even as crude prices surged to multi-year highs.
U.S.-headquartered Elliott, which owns 3.4% of Suncor, called the company a leader in the Canadian energy industry but said performance has declined in recent years and noted it faces operational challenges and safety issues. Twelve employees and contractors have died in fatal accidents since 2014.
"Suncor's... More
April 28, 2022 9:01 AM EDT
Elliott Investment Management L.P. ("Elliott"), which manages funds that have made an investment representing approximately a 3.4% economic interest in Suncor Energy Inc. (NYSE: SU) (the "Company" or "Suncor"),1 today sent a letter and presentation to the Board of Directors of Suncor. According to the letter, the purpose of the materials is to outline the right path forward to restore Suncor to its role as a leader of the Canadian energy industry.
Suncor has seen a decline in the exceptional performance that was formerly its hallmark, the letter said, which has led to,... More
