RE:RE:RE:RE:Could TWM be a takeover target?It's certainly been good for KEY the last 2 days, up from $30 to $32.
[In the back of my mind I'd like to see them take on TWM's assets: the uplift simply from the logistics ['marketing'] of the additional NGL volumes would make Pipestone and Brazeau alone worth a majority of current EV, but that's a day dream]
...and you're right, the optimism that's implied by the Pembina acquisition is good for the entire basin. I don't mean to be unjustly negative on TWM, but being acquired isn't in the cards until the smoke clears on Pioneer and renewable diesel. The in-basin propane demand increase from the export facilities and HPC alone should be good for the NGL extraction business and keep rigs workings in both the Deep Basin and the Montney. There is a lot to like about the combination of PPL and IPL: I doubled up my PPL position yesterday morning, maybe for a trade, but can see it going back up to $50 if they get IPL and HPC comes online.
TWM has an EV of ~C$1.275B right now so it's not cheap. Pioneer closing will go a long way towards re-rating TWM. Hoping June is the month, looking forwart to having this behind us.