A six-month-long hostile takeover battle between two Canadian infrastructure giants ended in late August, with Toronto-based asset buyer Brookfield Infrastructure Partners winning enough shareholder approval to support its twice-increased C$8.6 billion bid to buy Inter Pipeline Ltd., a Calgary, Alberta, fossil fuel extractor, transporter and project developer.
The offer rose in June after Pembina Pipeline Corp., Canada’s third-largest oil pipeline firm, proposed a white-knight C$8.3 billion offer that was backed by Inter Chair Margaret McKenzie. But after more back and forth negotiations, Pembina cancelled the bid in July.