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PEMBINA PIPELINE CORP., $41 is a buy. The company (Toronto symbol PPL; Utilities sector; Shares outstanding: 550.0 million; Market cap: $22.6 billion; Dividend yield: 6.1%; Takeover Target Rating: Medium; has now agreed to acquire Inter Pipeline Ltd. (Toronto symbol IPL). Pembina is offering 0.5 of a share for each Inter share. That works out to $20.73 per share, which is slightly more than Inter’s current trading price of $20.56. In all, the purchase is worth $8.6 billion. Inter has 7,000 km of pipelines and five million barrels of oil storage capacity in Western Canada. It also has plants for processing natural gas liquids; it’s building the $4-billion Heartland petrochemical plant near Edmonton. Brookfield Infrastructure Partners L.P. (Toronto symbol BIP.UN) has now countered Pembina’s offer with a cash (74%) and stock (26%) bid worth $19.75 (as of June 1, 2021). Still, Inter prefers the Pembina bid, as its shareholders would benefit from a higher dividend payment as well as the combined company’s cost…

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