Calgary takeover target Inter Pipeline Ltd. rejected a second uninvited bid Thursday by Toronto-based Brookfield Infrastructure Partners.

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Inter Pipeline said a combination announced Tuesday (June 1) with Calgary-based Pembina Pipeline Corp. would be a better industrial match with growth prospects. Both firms have pipeline, processing and storage networks, and Inter Pipeline is building a new petrochemical plant.

Brookfield, an investment house, accumulated 9.75% of Inter Pipeline’s shares before making its first uninvited and rejected takeover bid in May. The second Brookfield bid, shares and cash valued at C$8.48 billion ($6.78 billion), tops Pembina’s C$8.3-billion ($6.64 billion) offer.

Pembina said the merged company would boast 6.2 million boe/d of natural gas and...