Inter Pipeline walks away from Pembina deal

Jul 26, | Industry News

Inter Pipeline walks away from Pembina deal in favor of Brookfield bid | Reuters:

July 26 (Reuters) – Canadian pipeline operator Inter Pipeline (IPL.TO) on Monday decided against recommending a C$8.5 billion ($6.77 billion) deal with rival Pembina Pipeline Corp (PPL.TO) to shareholders and instead chose to pursue a higher bid from Brookfield Infrastructure Partners.

Following Inter’s U-turn, Pembina terminated the deal, choosing to walk away with a C$350 million breakup fee, while Brookfield said it expected Inter to recommend its offer to shareholders.