Parkland Corporation shareholders approved Sunoco’s proposed US$9.1-billion friendly takeover of the fuel retailer and convenience-store chain owner on Tuesday.

The approval came after activist investor and majority shareholder Simpson Oil backed the deal earlier in June after waging a two-year boardroom battle Calgary-based Parkland. The sale agreement resulted after Simpson won a key court decision that gave it a say in the company’s future.

But dissident shareholder Engine Capital rejected the proposed agreement, which still must meet customary closing conditions.

Parkland said about 9.5% of shareholders representing 127.1 million shares voted in favour of the deal. Meanwhile, 6.5% of shareholders owning 8.9 million shares voted against it.

Parkland operates about 4,000 gas stations and electric-vehicle charging sites across Canada, the U.S., and the Caribbean. The company also owns the On the Run convenience-store chain and M&M Food Market, along with an oil refinery in Burnaby, B.C.

The transaction will include cash, stock and debt. Parkland expects the deal to close in the second half of 2025.

Pictured: On the Run convenience store.

Photo: Parkland