Inter Pipeline, BP: Your Daily Energy News
Industry Segment: Petroleum Refining | Word Count: 417 Words
We have handpicked and summarized a selection of energy-related news stories that we think will interest clients of Industrial Info and IIR Energy.
Companies featured: Inter Pipeline Limited (TSX:IPL), Brookfield Infrastructure Partners (NYSE:BIP), BP (NYSE:BP)
3 Min Read
CALGARY, Alberta (Reuters) - Inter Pipeline Ltd (IPL) on Tuesday asked shareholders to reject Brookfield Infrastructure Partners’ hostile bid, saying the offer “significantly undervalues” the Canadian oil and gas transportation company.
Brookfield last month launched a hostile C$7.1 billion ($5.6 billion) bid with the same C$16.50-per-share offer that IPL had previously rejected as inadequate.
Calgary-based IPL is undertaking a strategic review, which could include a corporate transaction and said it expects a superior offer or other alternatives to emerge. It also is looking for a partner for its C$4 billion Heartland Petrochemical Complex in Alberta, due to start operating early next year.
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A roundup of some of the North American equities making moves in both directions today
On the rise
Calgary’s
Tervita Corp. (TEV-T) in an all-stock deal valued at $478-million, the latest consolidation in the country’s oil sector.
The deal, which will value the combined company at around $2.3-billion, comes as oil and gas companies seek to benefit from a recent run-up in crude oil prices while keeping a tight leash on costs.
Inter Pipeline has asked shareholders to reject Brookfield Infrastructure Partners’ hostile bid, saying the offer “significantly undervalues” the Calgary-based oil and gas transportation company, reported Reuters.