Pembina Terminates C$8.5 Billion Inter Pipeline Takeover Offer

The battle to control Inter follows years of failed attempts to build major projects like TC Energy Corp.’s Keystone XL and 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 scramble for control over Inter marks the biggest corporate fight in the Canadian resource industry since Newmont Mining Corp. managed to fend off a hostile bid by Barrick Gold Corp. in 2019 by agreeing to a joint venture around the two companies’ projects in Nevada.