Save for later Print Download Share LinkedIn Twitter A majority of Inter Pipeline shareholders have approved a hostile takeover bid from Brookfield Infrastructure Partners, clearing the final major hurdle in a protracted battle for the Canadian midstream company. Brookfield said in a statement that about 65.6% of Inter common shares not already owned by Brookfield had been tendered, exceeding the 55% needed for the company to complete the takeover. It said it expects to hold 68.9% of the outstanding shares after it files a mandatory extension of the offer until Sep. 3. Brookfield was already Inter’s largest shareholder, owning a 9.75% stake in the company. Inter’s board recommended Brookfield’s C$8.6 billion (US$6.8 billion) buyout offer last month after the buyer repeatedly increased its bid and sweetened the deal for shareholders (OD Jul.26'21). Inter had previously accepted a competing bid from rival Pembina Pipeline and had for months resisted Brookfield’s increasingly aggressive overtures. Ultimately, Brookfield’s offer became too good to pass up (OD Jul.15'21). Inter will pay Pembina a C$350 million breakup fee. Brookfield said it intends to take Inter private once it has acquired Inter’s remaining outstanding shares. Inter is Canada’s fourth-largest pipeline company, operating oil and natural gas assets across Western Canada. It also owns storage assets in Europe.