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

Reuters
Updated
Hong Kong tycoon Li Ka-shing, chairman of CK Hutchison Holdings company, waves to media after the company's Annual General Meeting in Hong Kong, Thursday, May 10, 2018. Li formally retired as chairman of his conglomerate just shy of his 90th birthday. (AP Photo/Kin Cheung) (ASSOCIATED PRESS)

(Reuters) - Canada's Inter Pipeline Ltd <IPL.TO> rejected a C$12.4 billion ($9.37 billion) buyout offer from Hong Kong billionaire Li Ka-Shing's CK Infrastructure Holdings Ltd <1038.HK> 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)