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Birthday : 06/13/1928
Place of birth : Guangdong - China
Biography : Richest man in Asia and eleventh global fortune according to Forbes in 2011, Li Ka-shing is the...

Billionaire Li Ka-Shing offered C$12.4 billion for Canada's Inter Pipeline: Globe and Mail

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09/06/2019 | 07:11am EDT
Hong Kong tycoon Li Ka-shing announces his retirement in Hong Kong

(Reuters) - Canada's Inter Pipeline Ltd rejected a C$12.4 billion ($9.37 billion) buyout offer from Hong Kong billionaire Li Ka-Shing's CK Infrastructure Holdings Ltd in July, the Globe and Mail reported late on Thursday, citing sources familiar with the two companies.

Inter Pipeline had said previously that it had received a takeover bid in August without naming the buyer. It also said then it was not in talks to sell.

Shares of the company, which owns pipelines in Alberta and Saskatchewan as well as oil storage tanks in Canada and Europe, have risen about 16% since its August statement on the offer.

Inter Pipeline's business of transporting and storing oil within Canada has been lucrative. It earned record net income of C$260.3 million in the second quarter.

(Reporting by Arunima Kumar in Bengaluru; Editing by Anil D'Silva)

Stocks mentioned in the article
ChangeLast1st jan.
CK INFRASTRUCTURE HOLDINGS LTD 0.54% 55.7 End-of-day quote.-6.23%
INTER PIPELINE LTD. -0.36% 22.33 Delayed Quote.15.46%
LONDON BRENT OIL 0.39% 59.16 Delayed Quote.12.04%
WTI 0.49% 53.04 Delayed Quote.20.66%
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