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Inter Pipeline confirms takeover bid but is not in deal talks

Inter Pipeline Ltd. confirmed that it received an unsolicited, nonbinding takeover bid from an unnamed company but said it is not in talks over the matter.

The Calgary, Alberta-based company was responding to a request from the Investment Industry Regulatory Organization of Canada to comment on recent media reports of an unsolicited proposal to buy the company, according to an Aug. 9 news release. Inter Pipeline said there is no "agreement, understanding or arrangement with respect to any such transaction."

"Inter Pipeline does not intend to make any further public announcements regarding any rumors or speculation unless it determines that disclosure is warranted and in accordance with the requirements of applicable law," the operator said in a statement.

The company on Aug. 8 said it is considering selling its bulk liquid storage business in Europe, which has about 37 million barrels of capacity across 23 terminals. It has not set a definitive timeline to complete the process, which may or may not result in a transaction, according to the company.

Inter Pipeline is engaged in petroleum transportation, NGL processing and bulk liquid storage.