Suncor May Sell Petro-Canada Business to Unlock Shareholder Value Suncor Energy (SU) (TSE: SU) has reached an agreement with Elliott Investment Management that includes the potential sale of Suncor''s retail operations. Indeed, the activist firm believes that the potential sale of Petro-Canada gas stations may be a key to unlocking shareholder value. Analyst Manav Gupta from Credit Suisse (CS) estimates that normalized EBITDA for Petro-Canada is C$800 million and expects the business to receive C$9.6 billion to C$11.2 billion in pre-tax cash proceeds. For reference, Suncor has a market cap of C$55 billion, meaning a sale at the mid-point would translate into approximately 19% of the market cap before tax. In addition, three new independent directors will join Suncor''s board.