Canada’s Competition Bureau has approved the acquisition of Husky gas stations in southern
Ontario and Western Canada by Parkland Corp. (PKI) and Federated Co-operatives.
Parkland and Federated Co-operatives agreed in December 2021 to buy 337 Husky retail gas
stations situated in Ontario, Manitoba, Saskatchewan, Alberta, and British Columbia from
Cenovus Energy (CVE).
In approving the sale, the Competition Bureau is requiring Parkland and Federated Co-
operatives to sell a certain number of gas stations in markets such as Hamilton, Ontario and
Gimli, Manitoba.
The Competition Bureau also said that Federated Co-operatives will need to transfer the
ownership of some gas stations to Parkland, in markets such as Estevan, Saskatchewan and
Dauphin, Manitoba.
Cenovus announced in 2021 that it would sell the 337 gas stations as a condition of its
acquisition of Husky Energy (HSE). Cenovus sold the gas station network for $420 million but
has kept Husky Energy’s commercial fuels business.
Parkland’s stock is down 5% this year at $33.72 a share. Cenovus Energy’s stock is up 56%
year-to-date and trading at $25.43 per share.
