CALGARY, March 5 (Reuters) - Canadian fuel refiner and

retailer Parkland Corp ( PKIUF ) said on Wednesday it had

launched a strategic review that could result in the sale of the

company.

Calgary-based Parkland said the review was necessary to

"maximize value creation for shareholders" and would explore the

possibility of asset divestments, acquisitions and business

combinations in addition to an outright sale.

Parkland, which has a market value of about C$6 billion

($4.19 billion), has been under pressure with respect to its

share price performance for more than two years.

U.S.-based activist investor Engine LP has urged the company

to sell or spin off its refinery in Burnaby, British Columbia.

It has also faced internal strife in the form of a dispute

with Simpson Oil, its largest shareholder with a 20% stake.

Simpson has called on Parkland to conduct a strategic review but

no longer has a seat on the company's board after the

resignation of two Simpson-nominated directors in December 2023.

No reason for the resignations was given at the time, but

Simpson has continued to publicly express concern about the

direction of the company, including recently in an open letter

to Parkland's board dated February 25.

In that letter, Simpson also called for a strategic review

and the consideration of a possible sale of Parkland.

Parkland said on Wednesday it was inviting Simpson to rejoin

the company's board and participate in the strategic review.

($1 = 1.4335 Canadian dollars)