The deal was worth an estimated US$9.1 billion at the time it was announced

Amid heightened scrutiny of foreign takeovers and concerns over Canada’s economic sovereignty, Ottawa has approved the takeover of fuel refiner and retailer Parkland Corp. by Texas giant Sunoco LP.

The deal, worth an estimated US$9.1 billion at the time it was announced last spring, has cleared a review under Ottawa’s foreign investment rules, the Investment Canada Act, Parkland said in a statement Tuesday.

Under federal rules, Industry Minister Mélanie Joly had to determine if the deal was likely to be a “net benefit” to Canada. A decision like this typically weighs the potential influx of foreign investment cash against potential losses of autonomy, employment or domestic control in key industries. Jol

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