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Inter Pipeline to Boost Natural Gas Processing as Heartland Complex Set for Commissioning
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Pembina Bets on Growth Through CCUS, LNG and Pipeline Partnerships
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Inter Pipeline Scuttles Pembina Merger, Accepts $6.9B Brookfield Takeover Bid Share on: LinkedIn
Toronto-based Brookfield Infrastructure Partners LP won a prolonged takeover contest for Inter Pipeline Ltd. (IPL) in Calgary today after adding an all-cash option to its bid for shareholder support and raising the total offer to about C$8.6 billion ($6.9 billion).
At a cost of a deal-breaking penalty of C$350 million ($280 million), IPL canceled a May agreement to combine with Calgary peer Pembina Pipeline Corp. Brookfield beat a Pembina all-stock bid valued at about C$8.3 billion ($6.6 billion).
IPL said its next steps will be “engaging with Brookfield in an effort to reach a mutually agreeable transaction in the best interests of shareholders,” then a recommendation for a deal from its board of directors.
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CALGARY After previous failed attempts, Pembina Pipeline Corp. has a deal in place to buy rival Inter Pipeline Ltd. that tops a hostile bid from Brookfield Infrastructure Partners.
“I’ve been thinking about this for 10 years. This is my third try,” Pembina president and CEO Mick Dilger said on a Tuesday conference call announcing the all-share deal, which values Calgary-based Inter Pipeline’s equity at $8.3 billion. Dilger said he last attempted to buy Inter Pipeline roughly eight years ago but wasn’t successful. This attempt, he said, is “third time lucky.”
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