IPPLF - Inter Pipeline gets C$408M grant from Alberta for Heartland petchem project

Inter Pipeline (IPPLF) says it will receive a C$408M (US$325M) grant from Alberta's provincial government in support of its Heartland Petrochemical Complex.The C$4B Heartland complex near Edmonton is due to start operating in 2022 but has been hurt by cost overruns and construction delays due to the pandemic, and it has rendered the company vulnerable as a takeover target.Brookfield Infrastructure Partners recently launched a C$7.1B hostile bid for the company.Stifel analysts say the Heartland grant is a "significant positive" for Inter Pipeline, and Brookfield may need to revisit its cash bid.Brookfield had offered C$16.50/share for Inter Pipeline and said it could go as high as C$18.25.Inter Pipeline began a strategic review in response to Brookfield's hostile bid and is exploring a range of options.

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Inter Pipeline gets C$408M grant from Alberta for Heartland petchem project