Parkland shareholders approve Sunoco takeover, management board slate
CALGARY - Fuel refiner and retailer Parkland Corp. says shareholders have voted in favour of its planned takeover by U.S. company Sunoco LP.
At a special meeting, shareholders also voted in support of the director nominees that Parkland's management put forward, drawing an end to a bitter proxy fight with an activist investor seeking a board overhaul.
Parkland owns the Ultramar, Chevron and Pioneer gas station chains as well as several other brands in 26 countries and a refinery in Burnaby, B.C.
More than 93 per cent of shareholders cast their ballots in support of the US$9.1-billion cash-and-stock friendly offer from Sunoco announced last month.
Members of Parkland management's director slate got varying levels of support, most garnering around two-thirds in favour.
Caribbean-based Simpson Oil, which owns 20 per cent of Parkland's shares, had been pushing for sweeping changes at the Calgary-based company, but ultimately decided to back the Sunoco deal in the hopes it would address its 'lamentable performance.'
Engine Capital, another activist shareholder with a 2.5 per cent stake, said it wouldn't support the Sunoco deal as it stands because the deal was rushed, the price was too low and there were likely other options available.
The deal is still awaiting approval under the Investment Canada Act, which considers foreign investments in Canadian businesses, and approval to list shares of the combined company on the New York Stock Exchange.
This report by The Canadian Press was first published June 24, 2025.
Companies in this story: (TSX: PKI)
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San Francisco Chronicle
an hour ago
- San Francisco Chronicle
Hackathon teams race to solve defense tech challenges as Europe boosts military capabilities
SANDHURST, England (AP) — Hunched over laptops, the team of four raced to solve a challenge: how to get a set of drones to fly themselves from one place to another when GPS and other signals are jammed by an enemy. Elsewhere around the hall, groups of people — engineering students, tech workers and hobbyists — gathered around long tables to brainstorm, write computer code or tinker with more drones and other hardware. Most of them were strangers when they first gathered last month at Britain's Sandhurst Military Academy to compete in a 24-hour 'hackathon" focused on defense technology. Many were drawn to the event because they wanted to use their technical skills to work on one of the biggest challenges confronting Europe: the continent's race to beef up its military capabilities as Russia's war in Ukraine threatens to widen global instability. 'Given the geopolitical climate, defense tech is relevant now more than ever,' said Aniketh Ramesh, a startup founder with a Ph.D. in robotics in extreme environments and one of the drone team members. The hackathon, he said, 'is a good place to sort of go and contribute your ideas.' 'Robotics and drones are having their iPhone moment" because costs have come down and the hardware is widely available, Ramesh said. That means building drones to do new things is more a 'thinking challenge" than a technical one, he said. Ramesh already knew one teammate, a former British army paratrooper, from a previous event. They recruited two others — one engineer and one with a Ph.D. in computer vision — through the event's group chat on Signal. The drone problem was just one of the many challenges the teams could choose to solve. The tasks were proposed by defense tech companies like German drone maker Helsing, robotics company Arx, the British military and Kyiv-based venture capital firm D3. Some worked on software, such as an algorithm to predict which way a target would move. Others came with their own ideas. One team made a plastic cup packed with sensors that could be produced in large amounts to be scattered across a battlefield. Another team built a scale model of an autonomous medical evacuation aircraft. Similar competitions have been held regularly across Europe since last year, inspired by the Ukrainian military's on-the-fly wartime innovations to fend off the larger Russian army. The grassroots meetups are part of a wider network of defense innovation that organizers hope to foster in Europe, underscoring the continent's scramble to churn out weapons that have been turbocharged by U.S. President Donald Trump's persistent threats to withdraw from the NATO trans-Atlantic security alliance. The idea is to 'go build a prototype, take your prototype to become a product, and go build a company' so that you can 'deliver stuff to the frontline and hopefully save someone's life,' said Benjamin Wolba, who organizes a separate but similar series, the European Defense Tech Hackathon. Wolba's group has held tournaments in about 10 cities in the past twelve months, including one in Lviv, Ukraine, in May, and has scheduled more this year in Sheffield, England; Gothenburg, Sweden; Marseilles, France; London; and Berlin. The European Union-backed EUDIS Defence Hackathon holds simultaneous competitions at eight universities twice a year. Meanwhile, NATO has launched DIANA, an 'accelerator' program to speed up defense innovations. The competitions are producing real-world results. The winners of one European Defense Tech Hackathon were a team of Bulgarian high school students who came up with a de-mining solution that they used to found a startup. At last year's London event, the winning team devised an idea for an anti-drone system. They went to Ukraine for more testing, and then were bought by a startup that went on to raise millions in venture capital funding, said Pass. This year, instead of a trophy, some London teams signed term sheets with investors. Hackathons have their origins in the software industry. Small teams of programmers and developers are pitted against each other in marathon brainstorming sessions to write programs that could become new products. 'The beauty of the hackathon is you get a mixture of people who never normally meet,' said Wolba. 'Engineers are 'paired with actual investors who understand something on the commercial side, but also, critically, military end users.' Organizers want to foster a culture of nimble startups to join Europe's defense ecosystem, traditionally dominated by a handful of big 'prime' military contractors such as Britain's BAE, Germany's Rheinmetall and France's Thales that are focused on building pricey hardware. 'There's definitely been a shift in the industry from the purchase of more exquisite, high-cost capabilities, such as fighter jets, or submarines, or expensive tanks, towards more low-cost systems that can give you scale advantages,' said Richard Pass, one of the co-founders of the London event. A recent aerial confrontation between Pakistan and India further highlights how Europe is at risk of losing its edge against adversaries, he said. Pass said reports that Pakistan used Chinese-made fighter jets armed with Chinese air-to-air missiles to down Indian air force planes, including three French-made Rafale jets, came as a big surprise. Not only does it show 'technological parity between the Chinese and leading Western industrial nations like France,' but it also hints at China's advantages in mass-producing fighter jets that could overwhelm Western forces, he said. Fostering a broader European defense tech start-up ecosystem is a way 'to regain that technological advantage,' he said. Defense tech startup founders can ride a wave of investment as Europe moves to beef up its military capabilities. Leaders of NATO, which includes 30 European nations, are meeting this week to endorse a goal to spend 5% of gross domestic product on defense. The European Union has sought to mobilize 800 billion euros ($927 billion) to boost the 27-nation bloc's defense, with priorities including drones, AI, autonomous systems and quantum computing. Britain, which left the EU, has meanwhile pledged to spend 10% of its defense budget on new technologies. Europe still has a long way to go. The continent's defense tech startup ecosystem is young and about five years behind the United States, consulting firm McKinsey said in a recent report. But it's growing rapidly as investors flock there. Venture capital investment in Europe's defense tech sector for 2021-2024 more than quadrupled from the previous three-year period, according to Pitchbook. At the London hackathon, teams worked into the evening, fueled by chocolate bars, energy drinks, fruit and a late-night pizza delivery. Army cots were available for those who wanted to catch a few hours of sleep. CEO Andrii Solonskyi said defense hackathons are 'a bit of a novelty.' The industry has traditionally been more structured and formal, because 'it's a serious business and there's a lot of things that can go wrong,' he said. But, "what we definitely feel is that you can be very agile in defense right now."
Business Upturn
an hour ago
- Business Upturn
Adani Energy Solutions in talks to acquire Megha Engineering's Western UP transmission assets for Rs 6,000-7,000 crore: Report
By Aditya Bhagchandani Published on June 25, 2025, 10:30 IST Shares of Adani Energy Solutions (AESL) are likely to remain in focus after a Moneycontrol report stated that the Adani Group's power transmission arm is in advanced discussions to acquire key transmission assets from Hyderabad-based Megha Engineering & Infrastructures Limited (MEIL). At the center of these talks is Western UP Power Transmission Company Limited (WUPPTCL), a fully operational project in Uttar Pradesh with seven substations and 12 transmission lines spanning over 819 circuit kilometers. The project has a massive transmission capacity of 13,220 MVA and plays a critical role in delivering power across the state. According to sources cited in the report, the deal is expected to value the Uttar Pradesh project at around Rs 6,000-7,000 crore. Adani Energy Solutions may also evaluate MEIL's other under-construction transmission assets in future phases, although those are not part of this deal currently. This potential acquisition aligns with AESL's strategic aim of expanding its leadership in India's transmission sector. With operations already spanning 16 states and a cumulative network exceeding 26,600 ckm, AESL continues to strengthen its presence through aggressive asset buys. The company recently crossed a smart meter order book of 22.8 million units. The development comes amid ongoing restructuring at MEIL, where the founding uncle-nephew duo, P Pitchi Reddy and PV Krishna Reddy, are working on a Rs 15,000 crore family settlement plan. Reports indicate that asset monetization will play a key role in funding this settlement. This is a developing story and further details are awaited. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information. Ahmedabad Plane Crash Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Boston Globe
an hour ago
- Boston Globe
We are having a candy moment
Customers make their selections at Lil Sweet Treat on Newbury Street. Jonathan Wiggs/Globe Staff Get Winter Soup Club A six-week series featuring soup recipes and cozy vibes, plus side dishes and toppings, to get us all through the winter. Enter Email Sign Up The shops are a child's wildest dream, but they are here for the adults. 'What we're trying to capture is that feeling of feeling like a kid in a candy store,' says Ross, who calls her customers 'candy connoisseurs' and emphasizes the concept of community. 'How do you create those moments of magic and joy, in even the smallest parts of your day? Everyone needs a little joy right now, and candy has that. It knows no bounds. Regardless of age, culture, gender, ethnicity, everyone can appreciate a sweet treat.' Advertisement On Clarendon Street in the South End, Madeleine's Candy Shop specializes in Swedish candy and more. It opened in February. Devra First Especially right now. Lil Sweet Treat arrives on the heels of 'I've always had a major sweet tooth, and the Swedish candy craze was taking off in New York. I'd be Googling, walking around trying to find it,' says founder Madeleine Brason, who left a career in clinical research for candy. 'I identified a gap in the market for candy stores, and also in a selfish way, I wanted a lifetime supply of unlimited candy for myself.' Another pick-and-mix-style candy store, If it seems candy sales must be exploding, that isn't the case exactly. Dollar sales are up (2.5 percent for chocolate and 3.6 for non-chocolate), but unit sales are down (2 and .9 percent respectively), according to Chicago-based market research firm Circana. Cocoa prices continue to rise, and budgets continue to tighten. Consumers are shifting purchasing patterns, perhaps buying less candy or different candy. But there is still candy in almost every household in America. 'We have not seen households back away from treating,' says Sally Lyons Wyatt, global EVP and chief adviser for Circana. 'Candy is one of those categories that everybody loves. It is something that brings joy, it is something essential to social occasions, and that I don't think is ever going to waver.' Advertisement Happy Buttons are one of Lil Sweet Treat's own offerings, bouncy and chewy smiley faces in strawberry, raspberry, pear, and pineapple. Jonathan Wiggs/Globe Staff In this landscape, one category keeps doing well: gummy candy. Consumers (particularly younger ones) cannot resist the lure of brightly colored, chewy, sweet, and tart gummies in a glorious riot of shapes and textures. 'The only categories growing in interest from younger consumers are all chewy: chewy candy, beef jerky, gum,' says Hunter Thurman, founder of Cincinnati-based consulting firm Alpha-Diver, which focuses on why consumers do the things they do. 'Chewing actually has some real proven stress relief ability.' In case you haven't noticed, the last few years have been a lot. 'We have measured it, and we have seen over the last five to six years people are feeling more and more anxious and stressed. The upshot is more people are looking to make themselves feel better,' Thurman says. 'From an evolutionary psychology perspective, food and drink are right at the core of how we help ourselves feel better. There's a reason there's a phrase called comfort food.' The scene inside Boston's Lil Sweet Treat on a recent Thursday afternoon. Jonathan Wiggs/Globe Staff Perhaps we are candy freaks because we are control freaks. 'If you ask a psychologist what do human beings crave above all else, there's one answer: control,' Thurman says. 'Something like candy is very easy to control. I can't control what's happening in Iran or the economy, but I can control something that makes me feel better in the near term.' Banana-caramel Bubs? Don't mind if I do. It's emotional self-regulation. Advertisement Stores like Lil Sweet Treat, Madeleine's Candy Shop, and Nantasket Sweets are tapping into this: Safe spaces, Thurman calls them. They also offer an experience, one more affordable than tickets to a game or a concert, or a new outfit, or dinner out. (Although these candies aren't cheap, priced at around $20 per pound, it's all relative.) In a recent Circana snacking survey, 59 percent of consumers said they like to eat snacks that add excitement to their daily diet, and 58 percent are looking for authentic and/or unique experiences, says Lyons Wyatt. Eric Williams makes pick-and-mix selections at Lil Sweet Treat. Jonathan Wiggs/Globe Staff 'Those stores are the answer to this,' she says. 'They are really feeding into the experience, the excitement. Let's face it, it's been pretty heavy stuff the last few years. These stores are just a breath of fresh of air.' That's the idea. This summer, Madeleine's Candy Shop will open an adjacent ice cream window, serving creemees, Vermont's take on soft-serve. (Yes, you can add candy to your ice cream.) 'I think in a post-pandemic world we're really just looking to feel like kids again and have that nostalgia and be playful,' says Brason, who offers chopsticks with each bag of candy, to aid customers in their nibbling. 'With a candy store like this, the options are limitless. We can have a lot of fun.' Sour hitschies from Belgium at Lil Sweet Treat. Jonathan Wiggs/Globe Staff Devra First can be reached at
