Sunoco Shareholders to Vote on ETP Merger on Oct. 4
PHILADELPHIA -- Sunoco Inc. will hold a special meeting to approve its proposed merger with Energy Transfer Partners LP (ETP) on Oct. 4. The event, which will take place at the Detroit Athletic Club in Detroit, Mich., at 4 p.m., will only accept votes from Sunoco shareholders of record as of Aug. 27.
According to a Sunoco news release, if the merger is approved by shareholders at the special meeting, the merger will occur as "promptly as practicable" subject to satisfaction of closing conditions set forth in the merger agreement. Sunoco CEO Brian P. MacDonald previously said the merger should take place in the early part of the fourth quarter.
Those not attending the event in Detroit need to complete a required election form by Oct. 1 at 5 p.m. New York Time in order for their proposed merger votes to be tabulated.
Assuming the merger is approved, it is unknown what ETP will do with Sunoco's 5,400 convenience stores and gas stations. Several media reports have stated that ETP will look to sell Sunoco's retail business in full or in part because it is not part of the master limited partnership pipeline company's core business.
Marathon Petroleum Corp., parent of Speedway LLC, Global Partners LP and Alimentation Couche-Tard Inc., parent of Circle K stores in the United States, have often been named as convenience store chains that could be interested in buying Sunoco's retail network.
MacDonald and ETP CEO Kelcy L. Warren have yet to make an official comment about the future of Sunoco's convenience stores and gas stations.