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.