Canada's largest fuel distributor and retailer, Parkland Fuel Corp, will purchase fellow retail fuel marketer Pioneer Energy, which is part-owned by Suncor Energy Inc, for C$378 million ($345 million), Parkland said on Wednesday. Pioneer is jointly owned by The Pioneer Group Inc and Suncor, which is Canada's largest oil and gas company.The Pioneer Group will receive C$76 million, or 39 percent of the total consideration, in cash, and C$119 million, or 61 percent of the total consideration, in common shares of Parkland. Suncor will receive C$183 million in cash.Pioneer's holdings include a network of 393 gas stations throughout Ontario and Manitoba. It distributes 5.1 percent of total retail fuel volumes across Canada.($1=$1.10 Canadian)
Parkland Fuel Corporation is a marketer and distributor of petroleum products managing a nationwide network of sales channels for retail, commercial, wholesale and residential heating fuel customers. Shares of PKI traded higher by 0.35% or $0.07/share to $20.00. In the past year, the shares have traded as low as $17.40 and as high as $21.99. On average, 175603 shares of PKI.TO exchange hands on a given day and today's volume is recorded at 214159.
Suncor Energy Inc. (Suncor) is an integrated energy company. Shares of SU fell by 1.26% or $-0.5/share to $39.11. In the past year, the shares have traded as low as $31.30 and as high as $43.49. On average, 2926940 shares of SU exchange hands on a given day and today's volume is recorded at 2067307.
Suncor Energy Inc. (Suncor) is an integrated energy company. Shares of SU fell by 0.99% or $-0.43/share to $43.04. In the past year, the shares have traded as low as $34.70 and as high as $47.18. On average, 2347400 shares of SU.TO exchange hands on a given day and today's volume is recorded at 2010237.
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