Inter Pipeline's Heartland Petrochemical Complex, in Fort Saskatchewan, Alta.HO/The Canadian Press
Brookfield Infrastructure Partners filed an application with the Alberta securities regulator to do away with takeover target Inter Pipeline Ltd’s $350-million termination fee to Pembina Pipeline Corp .
Brookfield last week raised its hostile offer to buy Inter Pipeline to $8.48-billion, topping Pembina’s $8.3-billion all-stock proposal for the Canadian oil and gas transportation company.
Brookfield said on Thursday if it was successful in eliminating or reducing the termination fee, it would increase its takeover offer for Inter Pipeline by an equivalent amount.
“In the face of a superior offer with greater upside for Inter Pipeline investors, Brookfield’s actions are desperate,” Pembina said.
Pembina’s shares rose 2.1 per cent to $39.99, while Brookfield and Inter Pipeline’s stocks were unchanged.
Inter Pipeline on Thursday reiterated its recommendation for Pembina’s offer over Brookfield’s proposal to its shareholders.
Your time is valuable. Have the Top Business Headlines newsletter conveniently delivered to your inbox in the morning or evening. Sign up today.