adplus-dvertising
Connect with us

News

Inter Pipeline rejects Brookfield’s offer as too low, shares jump

Published

 on

canadian oil and gas

By Rod Nickel and Shariq Khan

(Reuters) – Canada‘s Inter Pipeline Ltd on Thursday rejected an unsolicited offer from its largest shareholder Brookfield Infrastructure Partners, but its shares jumped as investors bet on an eventual deal.

Brookfield, which acquires and manages infrastructure assets, said on Wednesday it intended to offer C$16.50 per share, a 23% premium to the stock’s prior closing price, and said it was willing to raise it to as much as C$18.25 if the pipeline operator gave it access to due diligence.

Inter Pipeline stock jumped 31% in Toronto to C$17.50, while Brookfield shares dropped 3%.

The pandemic has hit Canadian oil and gas companies hard, crushing fuel demand, and leading to reduced crude production. Inter Pipeline’s assets include over 7,000 km (4,300 miles) of pipelines and 5 million barrels of oil storage in Western Canada, as well as natural gas liquids processing plants.

At the top price, Brookfield’s offer would value Calgary-based Inter at C$7.8 billion ($6.16 billion) and would be the biggest Canadian oil and gas deal since 2017, according to data provider Dealogic.

Inter said that was not sufficient for it to enter into exclusive talks with the infrastructure firm.

The pipeline operator said Brookfield has not made a formal offer and if it does, the company’s board will review it with advisors. Brookfield declined further comment.

Brookfield’s offer is low, but serious enough that Inter Pipeline should negotiate, said Rob Thummel, managing director of TortoiseEcofin, Inter Pipeline’s eighth-largest shareholder according to Refinitiv.

“I think they should absolutely look at it and consider it,” he said. A rival bid seems unlikely given that the energy sector is focused on repaying debt and buying back shares, not acquisitions, he said.

Even so, Keyera Corp, another Canadian energy infrastructure company, may now attract some interest, said Thummel, who manages shares in that company as well.

Its shares rose 1.8%. Keyera could not be reached.

Brookfield said it had first approached Inter in September with offers at premiums as high as 50% to the company’s trading price.

The talks fell through as Inter had a “more optimistic outlook of future growth” and attached to itself a value that was well over Brookfield’s assessment, Brookfield said.

Several analysts sided with Brookfield, saying accepting the offer would be the most likely outcome for Inter Pipeline.

Brokerage RBC said many shareholders would be unhappy if Inter says no, particularly after it refused another offer two years ago, which had valued it at C$12.4 billion.

Inter Pipeline’s shares had fallen nearly 38% over the last year prior to Brookfield publicly expressing interest.

Brookfield Infrastructure has engaged BMO Capital Markets and Barclays Capital Canada Inc as joint financial advisers. Inter said it is working with TD Securities as its financial adviser.

($1 = 1.2658 Canadian dollars)

 

(Reporting by Rod Nickel in Winnipeg, Maiya Keidan in Toronto, Shariq Khan and Arundhati Sarkar in Bengaluru; Editing by Arun Koyyur, Bernadette Baum and David Evans)

Continue Reading

News

Spy service officer denies threatening Montreal man who was later imprisoned in Sudan

Published

 on

OTTAWA – A CSIS official denies they threatened a Montreal man who was later imprisoned and allegedly tortured by authorities in Sudan.

The spy service employee, who can only be identified as Witness C to protect their identity, is testifying in Abousfian Abdelrazik’s lawsuit against the federal government.

Abdelrazik claims Canadian officials arranged for his arbitrary imprisonment, encouraged his detention by Sudanese authorities and actively obstructed his repatriation to Canada for several years.

The Sudanese-born Abdelrazik was arrested in September 2003 while in his native country to see his ailing mother.

Witness C, who had previously spoken to Abdelrazik in Montreal, travelled to Khartoum to interrogate him.

In Federal Court today, the witness acknowledged telling Abdelrazik in Canada that he should not travel, but characterized that as sincere advice to protect him rather than a threat.

This report by The Canadian Press was first published Nov. 13, 2024.

The Canadian Press. All rights reserved.



Source link

Continue Reading

News

Vancouver officer sexually assaulted colleague, but police group chat targeted victim

Published

 on

VANCOUVER – A disciplinary investigation has found a former Vancouver police sergeant shared “disrespectful” commentary on a fellow officer’s court testimony about being sexually assaulted by a colleague.

The decision against Narinder Dosanjh, obtained by The Canadian Press, includes the running commentary on the woman’s testimony — apparently written by someone inside the courtroom — that calls her a “bad drunk” and says there was “no way” her case would be proved.

Former New Westminster police chief Dave Jansen, the external officer who rendered the decision against Dosanjh, says his assessment accounts for a culture of treating officers who testify against each other as “rats.”

Former Vancouver constable Jagraj Roger Berar was convicted in 2021 and sentenced to a year in jail for assaulting the woman, who can’t be identified because of a publication ban on her name.

Jansen says in his ruling, dated Oct. 11, that the comments in a Vancouver police group chat appear “supportive” of Berar and reflect “all-too-common myths” about women who make sexual assault allegations.

While Jansen found Dosanjh committed discreditable conduct by sharing the chats, a complaint against a more-senior Vancouver officer who was inside the courtroom, and who the victim and other officers believed wrote the commentary, were not substantiated.

The ruling says Jansen, who retired as New Westminster’s chief constable, would accept submissions before deciding how Dosanjh should be punished.

The woman who was assaulted was the complainant in the disciplinary investigation, and said in an interview she felt “vindicated” by Jansen’s decision because it “truly paints what I’ve been through,” after reporting a fellow officer for sexual assault.

She said many other women in municipal policing fear speaking out about ill-treatment at work, and some have told her about being assaulted and harassed but feared ruining their careers if they complained.

“This decision is important for those women to see,” she said. “It shows the tides are changing. Like, this is the first win I’ve had.”

A spokesman for the Surrey Police Service, where Dosanjh now works, did not immediately answer a question about how he was penalized, and said Dosanjh declined an interview request with The Canadian Press.

In his decision, Jansen said there was an “unfortunate but often pervasive” culture of treating officers who complain as “‘rats’, who betrayed their colleagues.”

“In terms of the messages themselves, Sergeant Dosanjh alleges that they are not degrading, humiliating or derogatory and do not attack the personal character of the complainant. I disagree,” Jansen wrote.

The decision includes a screenshot of the commentary about the complainant, who said the order of the messages appeared to refer to her evidence while she was being cross-examined and suggested the comments were written by someone listening to her testimony.

The commentary on a Vancouver police chat group on the Signal messaging app said the victim “wore a wire twice,” and “admitted in cross to possibly drinking way more alcohol than she originally claimed.”

“Her memory is super hazy and there’s no way you can prove beyond reasonable doubt,” the person wrote.

“And she admitted that she is really bad drunk,” they added.

Another message said it was a “nail in the coffin” of the case that video showed the complainant “cuddling, holding hands” with Berar.

The victim, who became aware of the commentary when a friend in the department showed them to her, was distressed by the messages and disputed their accuracy, said Jansen.

“The comments also appear to reflect some of the all-too-common myths around women making allegations of sexual assault. Some of these myths include the belief that because a victim socialized with the perpetrator, or engaged in some consensual activity with him, therefore she must have consented to the assault,” he wrote.

Jansen’s decision said Dosanjh shared the messages with a fellow officer after getting them from a “VPD chat group that he claims he knew little about, from a co-worker he claims not to be able to identify.”

The decision said other officers believed the commentary was written bya more-senior officer in the department who had been present at the trial, but Jansen said the discreditable conduct complaint against that person was unsubstantiated.

The decision said Dosanjh claimed he was the “fall guy” and “a pawn in a broader game.”

Jansen’s decision said Dosanjh was a senior officer and supervisor who was aware of the “vulnerability of victims of sexual crimes and of the myths that surround sexual assault victims.”

It said Dosanjh’s “distribution of these messages that were disrespectful of an alleged victim of sexual violence who was also a co-worker, should they become public, would likely discredit the reputation of the police force.”

The Vancouver Police Department did not immediately provide comment on Jansen’s decision.

This report by The Canadian Press was first published Nov. 13, 2024.



Source link

Continue Reading

News

Beetles from B.C. settling in Nova Scotia, taking up the fight to rescue hemlocks

Published

 on

FREDERICTON – The offspring of beetles imported from British Columbia are ready to take up the fight against an invasive insect that is killing hemlock trees in Nova Scotia.

Last fall and spring, about 5,000 Laricobius nigrinus beetles — affectionately called Lari by scientists — made an overnight journey from the West Coast.

Lucas Roscoe, research scientist with the Canadian Forest Service, says in the fight against the woolly adelgid that is destroying swaths of hemlock trees in Nova Scotia, the first step was to make sure the Lari beetle can survive a Nova Scotia winter.

The one-to-two-millimetre black flying beetles were released across six sites in Nova Scotia that had the woolly adelgids.

In one of the sites, scientists placed cages of imported beetles and about 60 per cent of them were able to survive the winter in Nova Scotia, which Roscoe says is an encouraging rate.

He says the woolly adelgid was first seen in southwestern Nova Scotia in 2017 and the peppercorn-sized insect, aided by climate change, has since spread north.

This report by The Canadian Press was first published Nov. 13, 2024.

The Canadian Press. All rights reserved.



Source link

Continue Reading

Trending