OTCPK:ICPVF - Post by User
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Ariahpon Jun 01, 2021 9:05am
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Fabulous Deal PPL buy IPL
Fabulous Deal PPL buy IPL Pembina Pipeline Acquiring Inter Pipeline for C$8.3 Billion to Gain Control of Petrochemical Complex and Thwart Brookfield
08:47 AM EDT, 06/01/2021 (MT Newswires) -- Pembina Pipeline (PPL.TO) on Tuesday said it agreed to acquire rival oil and gas pipeline and processing company Inter Pipeline (IPL.TO) for shares worth C$8.3 billion, creating Canada's largest midstream energy company and thwarting a hostile takeover offer for Inter Pipeline from Brookfield Infrastructure Partners.
Pembina is offering 0.5 shares for each Inter Pipeline share, an offer worth C$19.45 per share, an 11% premium to the company's Monday closing price of C$17.55 on the Toronto Stock Exchange
Pembina said the two companies have complementary assets in Western Canada that are mostly already interconnected, while Pembina's dominant position in propane supply in Alberta will assure raw material for Inter Pipeline's C$4.2 billion Heartland Petrochemical Complex (HPC), currently under construction in central Alberta.