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<a href="https://globalnews.ca/author/moises-canales-lavigne/" title="Posts by Moises Canales-Lavigne" class="c-byline__name c-byline__link"> Moises Canales-Lavigne </a> </span> <span class="c-byline__source c-byline__source--hasName"> Global News </span> </div> <div class="c-byline__datesWrapper"> <div class="c-byline__dates"> <div class="c-byline__date c-byline__date--pubDate"> <span>Posted November 30, 2021 7:10 pm</span> <button class="c-byline__dateToggle toggle-switch u-hide-tablet-portrait" aria-label="Toggle last modified date of the article" data-expand="#bylineDateUpdated" aria-expanded="false" > <span id="updated-toggle-off" class="toggle-off"> <svg class="c-icon c-byline__dateToggleIcon c-byline__dateToggleIcon--up" focusable="false"> <use xlink:href="https://globalnews.ca/wp-content/themes/shaw-globalnews/assets/dist/icons/out/symbol/svg/sprite.symbol.svg?v=bahmjko3l#dropdown_arrow"></use> </svg> </span> <span id="updated-toggle-on" class="toggle-on c-icon "> <svg 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c-figure--expandable c-figure--featured l-article__featured" > <div class="c-figure__inner" > <div class="c-figure__imageWrapper " > <img class="c-figure__image" alt="Scott Banda, CEO of Federated Co-operatives Limited, said the $264-million purchase is the largest retail acquisition in Co-op's history." src="https://globalnews.ca/wp-content/uploads/2021/11/scott-banda-co-op-cp-image.jpg?quality=85&strip=all&w=1200" srcset="https://globalnews.ca/wp-content/uploads/2021/11/scott-banda-co-op-cp-image.jpg?quality=85&strip=all&w=450 450w,https://globalnews.ca/wp-content/uploads/2021/11/scott-banda-co-op-cp-image.jpg?quality=85&strip=all&w=720 720w,https://globalnews.ca/wp-content/uploads/2021/11/scott-banda-co-op-cp-image.jpg?quality=85&strip=all&w=1200 1200w," sizes="(min-width: 1000px) 1200px,(min-width: 520px) 720px,450px" width="1200" height="801" /> <a href="" title="View image in full screen" class="c-figure__expand c-figure__overlay" data-trackaction="image | open" > <span 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c-fontSizer__icon" focusable="false"> <use xlink:href="https://globalnews.ca/wp-content/themes/shaw-globalnews/assets/dist/icons/out/symbol/svg/sprite.symbol.svg?v=bahmjko3l#font-decrease"></use> </svg> </button> </div> <div class="c-fontSizer__item"> <button class="c-fontSizer__button c-fontSizer__button--increase c-button c-button--details c-button--mini" data-trackable="true" data-trackaction="Font Sizer Increase Font" data-tooltip-title="Increase text size" > <span class="sr-only">Increase article font size</span> <svg class="c-icon c-fontSizer__icon" focusable="false"> <use xlink:href="https://globalnews.ca/wp-content/themes/shaw-globalnews/assets/dist/icons/out/symbol/svg/sprite.symbol.svg?v=bahmjko3l#font-increase"></use> </svg> </button> </div> </div> </div> <article class="l-article__text js-story-text" aria-label="Article text"> <p><a href="https://globalnews.ca/tag/federated-co-operatives-limited/" target="_blank" rel="noopener">Federated Co-operatives Limited</a> (FCL) has marked its largest retail acquisition in the co-operative’s history.</p><img decoding="async" src="https://d21y75miwcfqoq.cloudfront.net/70c8fc80" alt="" style="position:absolute;width:1px;height:1px" referrerpolicy="no-referrer-when-downgrade"> <p>On Tuesday, FCL announced an agreement with Cenovus Energy Inc. to purchase 181 Husky retail fuel sites in an investment on behalf of local Co-ops totalling $264 million.</p><p>The acquired fuel sites include gas bars, on-site car washes and convenience stores in locations across Western Canada.</p><div class="l-article__part" data-shortcode="readmore"></div><p>FCL said during a virtual news conference on Tuesday that the move will strengthen Co-ops’ presence in Western Canada and bring their unmatched service and support to new geographic areas.</p><p>“By building on our network of gas bars, FCL can increase the use and capacity of the Co-op Refinery Complex in Regina and the Co-op Ethanol Complex near Belle Plaine, Sask.,” said FCL CEO Scott Banda on Tuesday.</p> <div class="c-ad c-ad--bigbox l-article__ad"> <div class="c-ad__label">Story continues below advertisement</div> <div id="gpt-ad-300250-10" class="c-ad__unit" data-ad-pos="10" > </div> <script> if ( typeof( gn_monetize ) !== 'undefined' && typeof( gn_monetize.Ads ) !== 'undefined' && gn_monetize.Ads.initialRequestMade() ) { // Ads script has been loaded, create the ad. gn_monetize.Ads.create( {"sizes":"[300,250]","biddable":true,"id":"gpt-ad-300250-10","lazy":false,"targeting":{"pos":10,"slotid":"gpt-ad-300250-10"},"companion":false} ); } else { // if Ads script not yet loaded, queue up ad data for initialization. var gnAdSettings = gnAdSettings || {}; gnAdSettings.ads = gnAdSettings.ads || []; gnAdSettings.ads.push( {"sizes":"[300,250]","biddable":true,"id":"gpt-ad-300250-10","lazy":false,"targeting":{"pos":10,"slotid":"gpt-ad-300250-10"},"companion":false} ); } </script> </div> <p>“Co-op members will also benefit from this acquisition as any increase in profitability is shared with Co-op members and those returns help build the communities of Western Canada.”</p><div class="l-article__part" data-shortcode="tp_video"> <div class="c-video c-videoPlay " data-iframe-receiver data-autoplay="" data-displayinline-featured="false" data-displayinline-type="video" data-displayinline-player-id="miniplayer_8349379_6748694f4ff43" data-displayinline-video-id="8349379" data-displayinline-ratio="16:9" data-displayinline="https://globalnews.ca/video/embed/8349379/#autoplay&stickyiframe=miniplayer_8349379_6748694f4ff43" data-displayinline-sticky="true" > <div class="c-video__inner"> <span class="c-video__placeholder"> <img class="c-video__image" alt="Click to play video: 'The role of cities in addressing climate change'" width="640" height="360" data-src="https://i0.wp.com/media.globalnews.ca/videostatic/news/vfo52lkn47-e57ve49gk5/WEB_MN_SYLVESTER_NOV_4TH.jpg?w=1040&quality=70&strip=all" loading="lazy" srcset="" sizes="" 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</span> </span> </div> </div> </div><p>Banda also noted that the investment puts FCL in a position to move forward with initiatives such as transitioning to a low-carbon economy indicated by recent announcements highlighting planned investments in carbon capture and renewable diesel production.</p> <div class="c-inlineSignup" data-newsletter-inline> <div class="c-inlineSignup__image"> <img width="170" height="225" loading="lazy" data-src="https://globalnews.ca/wp-content/themes/shaw-globalnews/images/skyline/national.jpg" alt="For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen."> </div> <div class="c-inlineSignup__content"> <h3>Get breaking National news</h3> <div class="c-inlineSignup__blurb">For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen.</div> <form class="c-newsletterSignup__container" id="ns-full-inline-form"> <fieldset class="newsletter-hidden-fields"> <input type="hidden" id="cr" name="cr" value="100431" /> <input type="hidden" id="fm" name="fm" value="101" /> <input type="hidden" id="s_brand" name="s_brand" value="gn" /> <input type="hidden" id="s_gn_breaking_national" name="s_gn_breaking_national" value="100" data-newsletter-inline-code /> <input type="hidden" id="s_collector" name="s_collector" value="" /> <input type="hidden" id="s_create_date" name="s_create_date" value="2024-11-28 12:59:59" /> <input type="hidden" id="s_last_modified" name="s_last_modified" value="2024-11-28 12:59:59" /> </fieldset> <label for="ns-inline-email-input" class="sr-only">Sign up for breaking National newsletter</label> <input id="ns-inline-email-input" type="email" class="c-newsletterSignup__input" placeholder="Email address" required data-newsletter-inline-email /> <button id="ns-signup-button" class="c-button c-inlineSignup__button" type="button" data-newsletter-inline-submit>Sign Up</button> </form> <div class="c-inlineSignup__disclaimer">By providing your email address, you have read and agree to Global News' <a href="https://www.corusent.com/terms-of-use/" target="_blank">Terms and Conditions</a> and <a href="https://www.corusent.com/privacy-policy/" target="_blank">Privacy Policy</a>.</div> </div> </div> <p>“We are committed to enhancing the sustainability of our fuels and recognize the important role co-operatives play in responding to the needs of our communities, members and customers.”</p><div class="l-article__part" data-shortcode="readmore"></div><p>FCL will transfer the sites to a number of independent local Co-ops once the deal is complete.</p> <div class="c-ad c-ad--bigbox l-article__ad"> <div class="c-ad__label">Story continues below advertisement</div> <div id="gpt-ad-300250-11" class="c-ad__unit" data-ad-pos="11" loading=lazy > </div> <script> if ( typeof( gn_monetize ) !== 'undefined' && typeof( gn_monetize.Ads ) !== 'undefined' && gn_monetize.Ads.initialRequestMade() ) { // Ads script has been loaded, create the ad. gn_monetize.Ads.create( {"sizes":"[300,250]","biddable":true,"id":"gpt-ad-300250-11","lazy":true,"targeting":{"pos":11,"slotid":"gpt-ad-300250-11"},"companion":false} ); } else { // if Ads script not yet loaded, queue up ad data for initialization. var gnAdSettings = gnAdSettings || {}; gnAdSettings.ads = gnAdSettings.ads || []; gnAdSettings.ads.push( {"sizes":"[300,250]","biddable":true,"id":"gpt-ad-300250-11","lazy":true,"targeting":{"pos":11,"slotid":"gpt-ad-300250-11"},"companion":false} ); } </script> </div> <p>According to Banda, FCL partnered with Parkland Corporation to piece together the accepted offer. This came after Husky announced in 2019 that they would be placing assets up for sale.</p><p>The sale will see 337 sites be sold between Parkland and FCL at a bill totalling $420 million. 156 of those sites will go to Parkland for $156 million.</p><p>The Calgary-based company says it will sell 156 of the retail fuel stations to Parkland Corporation for $156 million.</p><p>Tony Van Burgsteden, vice-president of finance for FCL, noted how it was a three-year process between starts and stops and negotiations stalling in 2020 due to the <a href="https://globalnews.ca/tag/covid-19/">COVID-19</a> pandemic.</p><p>He said once Husky and Cenovus announced a merger which was concluded in early 2021, the assets returned to the market in late summer of 2021.</p><div class="l-article__part" data-shortcode="tp_video"> <div class="c-video c-videoPlay " data-iframe-receiver data-autoplay="" data-displayinline-featured="false" data-displayinline-type="video" data-displayinline-player-id="miniplayer_7421679_6748694f504c4" data-displayinline-video-id="7421679" data-displayinline-ratio="16:9" data-displayinline="https://globalnews.ca/video/embed/7421679/#autoplay&stickyiframe=miniplayer_7421679_6748694f504c4" data-displayinline-sticky="true" > <div class="c-video__inner"> <span class="c-video__placeholder"> <img class="c-video__image" alt="Click to play video: 'Cenovus to buy Husky Energy for $3.8B in shares; company will remain in Alberta'" width="640" height="360" data-src="https://i0.wp.com/media.globalnews.ca/videostatic/news/t9ze0z1qky-3aox2l66j7/oil.jpg?w=1040&quality=70&strip=all" loading="lazy" srcset="" sizes="" data-srcset="https://i0.wp.com/media.globalnews.ca/videostatic/news/t9ze0z1qky-3aox2l66j7/oil.jpg?w=450#038;quality=70&strip=all 450w,https://i0.wp.com/media.globalnews.ca/videostatic/news/t9ze0z1qky-3aox2l66j7/oil.jpg?w=720#038;quality=70&strip=all 720w,https://i0.wp.com/media.globalnews.ca/videostatic/news/t9ze0z1qky-3aox2l66j7/oil.jpg?w=1040#038;quality=70&strip=all 1040w," data-sizes="(min-width: 1040px) 1040px,(min-width: 720px) 720px,450px" > <span class="c-video__overlay"> <div class="c-button c-video__icon c-videoPlay__icon c-button--mini"> <svg class="c-icon c-button__icon" focusable="false"> <use xlink:href="https://globalnews.ca/wp-content/themes/shaw-globalnews/assets/dist/icons/out/symbol/svg/sprite.symbol.svg?v=bahmjko3l#play"></use> </svg> </div> <div class="c-video__data"> <time class="c-video__duration">2:02</time> <span class="c-video__title">Cenovus to buy Husky Energy for $3.8B in shares; company will remain in Alberta</span> </div> </span> </span> </div> </div> </div> <section id="content-dynamic-trending-stories" class="l-inlineStories l-inlineStories--tile u-hide-tablet-landscape" aria-label="Dynamic trending stories section" > <div class="l-inlineStories__heading " > <span class="l-inlineStories__title c-heading c-heading--strikethrough">Trending Now</span> </div> <ul class="l-inlineStories__posts c-posts c-posts--inline "> <li class="c-posts__item"> <a href="https://globalnews.ca/news/10890677/canada-post-strike-day-13/" class="c-posts__inner"> <div class="c-posts__media " > <img class="c-posts__thumbnail" data-src=https://globalnews.ca/wp-content/uploads/2024/11/canada-post-strike-3.jpg?quality=85&strip=all&w=336&h=224&crop=1 loading="lazy" width="336" height="224" alt="" /> </div> <div class="c-posts__details"> <div class="c-posts__headline "> <span class="c-posts__headlineText" title="Canada Post strike: Minister tells parties he ‘expects more’ as talks stall" data-title>Canada Post strike: Minister tells parties he ‘expects more’ as talks stall</span> </div> <div class="c-posts__author"></div> </div> </a> </li> <li class="c-posts__item"> <a href="https://globalnews.ca/news/10890885/wendy-williams-health-dementia-incapacitated-lawsuit-documentary/" class="c-posts__inner"> <div class="c-posts__media " > <img class="c-posts__thumbnail" data-src=https://globalnews.ca/wp-content/uploads/2024/02/20240223170228-65d91c6d28e0dc6b2b4e9d68jpeg.jpg?quality=85&strip=all&w=336&h=224&crop=1 loading="lazy" width="336" height="224" alt="" /> </div> <div class="c-posts__details"> <div class="c-posts__headline "> <span class="c-posts__headlineText" title="Wendy Williams ‘permanently incapacitated’ by dementia, guardian claims" data-title>Wendy Williams ‘permanently incapacitated’ by dementia, guardian claims</span> </div> <div class="c-posts__author"></div> </div> </a> </li> </ul> </section> <p>“There were pretty rapid negotiations from that point forward and a tremendous amount of work by all the parties involved,” stated Van Burgsteden.</p> <div class="c-ad c-ad--bigbox l-article__ad"> <div class="c-ad__label">Story continues below advertisement</div> <div id="gpt-ad-300250-12" class="c-ad__unit" data-ad-pos="12" loading=lazy > </div> <script> if ( typeof( gn_monetize ) !== 'undefined' && typeof( gn_monetize.Ads ) !== 'undefined' && gn_monetize.Ads.initialRequestMade() ) { // Ads script has been loaded, create the ad. gn_monetize.Ads.create( {"sizes":"[300,250]","biddable":true,"id":"gpt-ad-300250-12","lazy":true,"targeting":{"pos":12,"slotid":"gpt-ad-300250-12"},"companion":false} ); } else { // if Ads script not yet loaded, queue up ad data for initialization. var gnAdSettings = gnAdSettings || {}; gnAdSettings.ads = gnAdSettings.ads || []; gnAdSettings.ads.push( {"sizes":"[300,250]","biddable":true,"id":"gpt-ad-300250-12","lazy":true,"targeting":{"pos":12,"slotid":"gpt-ad-300250-12"},"companion":false} ); } </script> </div> <div class="l-article__part" data-shortcode="readmore"></div><p>FCL says the purchase is subject to certain customary closing conditions, including a review by Competition Bureau Canada. Banda said this is a necessary step considering the magnitude of the transaction.</p><p>The review will also determine which sites will remain within the transaction or whatever dispositions FCL will have to make.</p><p>FCL expects the deal will likely close by mid-2022.</p> <div class="c-tabs"> <div class="c-tabs__tabContainer"> <button role="tab" class="c-tabs__tab c-tabs__tab--active" type="button">More on Canada</button> <button role="tab" class="c-tabs__tab" type="button">More videos</button> </div> <div class="c-tabs__contentContainer"> <section class="c-tabs__content" id="sophi_article_widget" aria-label="More on Canada" data-sophi-feature=article-canada> <div class="c-infoBox c-infoBox--inTabs"> <div class="c-infoBox__inner c-infoBox__inner--inTabs"> <ul class="c-infoBox__ul"> <li class="c-infoBox__li"> <a href="https://globalnews.ca/news/10892404/canadian-soldier-death-belgium/" class="c-infoBox__a">Canadian soldier dies of medical complications in Belgium </a> </li> <li class="c-infoBox__li"> <a href="https://globalnews.ca/news/10892390/gst-holiday-bill-vote/" class="c-infoBox__a">‘Tax holiday’ bill expected to pass in House of Commons </a> </li> <li class="c-infoBox__li"> <a href="https://globalnews.ca/news/10890705/santa-letters-canada-post-strike-alternatives/" class="c-infoBox__a">Will Santa get your letter this year? 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