CALGARY – Parkland Corp. says the federal government has granted Investment Canada Act approval for Sunoco LP’s proposed takeover of the company, a key regulatory milestone for the deal.

The company says the transaction is expected to close in the fourth quarter of this year, subject to remaining regulatory approvals and the satisfaction or waiver of customary closing conditions.

Parkland and Sunoco announced the friendly cash-and-stock deal valued at US$9.1 billion including assumed debt in May following a bitter proxy battle with investors in the Canadian company.

Parkland owns the Ultramar, Chevron and Pioneer gas station chains as well as several other brands in 26 countries.

It also runs a refinery in Burnaby, B.C.

The deal cleared a key U.S. antitrust hurdle last month when the

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