CALGARY (Bloomberg) --Brookfield Infrastructure Partners LP raised its hostile offer for Canada’s Inter Pipeline Ltd. in another push to break up the agreed C$8.3 billion ($6.6 billion) takeover by Pembina Pipeline Corp.
Brookfield said Thursday in a statement it will now offer investors C$20 or 0.25 of one of its shares for each Inter Pipeline share. It previously offered C$19.50 per share.
The battle for Canada’s fourth-largest pipeline company follows years of failed attempts to build major projects like TC Energy Corp.’s Keystone XL and Enbridge Inc.’s Energy East, potentially making existing lines more valuable. Inter owns pipeline infrastructure across Western Canada, connecting oil and natural gas producers with domestic and foreign customers.
The takeover saga started in February with a C$7.1 billion offer from Brookfield that was rejected by Inter’s board. Brookfield sweetened its bid one day after Pembina’s deal to buy Inter was first announced on June 1. Inter recommended shareholders reject Brookfield’s revised offer, siding with Pembina.