U.S. hedge fund Engine Capital called for Parkland Corp. to divest assets including its refinery business to focus on fuel retail. Read on.
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“Parkland in its current form does not work as a standalone public entity,” Engine’s partners wrote. “We believe that Parkland does not need to own all these assets under one corporate umbrella in order to achieve most of the vertical integration or scale benefits that it enjoys today…. The long-term underperformance of Parkland compared to its pure-play convenience retailer and refinery peers convince the Board that the status quo can no longer persist.
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