CALGARY, Nov. 20, 2019 /CNW/ - Pembina Pipeline
Corporation ("Pembina" or the "Company") (TSX: PPL; NYSE: PBA) is
pleased to announce that it and Kinder Morgan Canada Limited
("Kinder Morgan Canada") (TSX:KML)
have received a "no-action letter" from the Canadian Competition
Bureau confirming that the Commissioner of Competition does not
intend to challenge the proposed acquisition by Pembina of
Kinder Morgan Canada's outstanding
common equity by way of a statutory arrangement under the
Business Corporations Act (Alberta) (the "Arrangement").
The receipt of the "no-action letter" satisfies the last
material regulatory condition necessary for completion of the
Arrangement. The Arrangement is now expected to close in
December 2019, subject to approval of
the Arrangement by the holders of Kinder
Morgan Canada's restricted voting shares and special voting
shares at the special meeting scheduled for Tuesday, December 10, 2019, receipt of the final
order of the Court of Queen's Bench of Alberta at the application scheduled for the
same date, the concurrent completion of the sale of the
U.S.-regulated Cochin pipeline
system from Kinder Morgan, Inc. to
Pembina and satisfaction of other customary closing conditions.
Further information regarding the Arrangement is provided in the
management information circular and proxy statement of Kinder Morgan Canada dated November 4, 2019.
About Pembina
Calgary-based Pembina Pipeline
Corporation is a leading transportation and midstream service
provider that has been serving North
America's energy industry for 65 years. Pembina owns an
integrated system of pipelines that transport various hydrocarbon
liquids and natural gas products produced primarily in western
Canada. The Company also owns gas gathering and processing
facilities; an oil and natural gas liquids infrastructure and
logistics business; is growing an export terminals business; and is
currently constructing a petrochemical facility to convert propane
into polypropylene. Pembina's integrated assets and commercial
operations along the majority of the hydrocarbon value chain allow
it to offer a full spectrum of midstream and marketing services to
the energy sector. Pembina is committed to identifying additional
opportunities to connect hydrocarbon production to new demand
locations through the development of infrastructure that would
extend Pembina's service offering even further along the
hydrocarbon value chain. These new developments will contribute to
ensuring that hydrocarbons produced in the Western Canadian
Sedimentary Basin and the other basins where Pembina operates can
reach the highest value markets throughout the world.
Purpose of Pembina:
To be the leader in delivering integrated infrastructure
solutions connecting global markets;
- Customers choose us first for reliable and value-added
services;
- Investors receive sustainable industry-leading total
returns;
- Employees say we are the 'employer of choice' and value
our safe, respectful, collaborative and fair work culture; and
- Communities welcome us and recognize the net positive
impact of our social and environmental commitment.
Pembina is structured into three Divisions: Pipelines Division,
Facilities Division and Marketing & New Ventures Division.
Pembina's common shares trade on the Toronto and New
York stock exchanges under PPL and PBA, respectively. For
more information, visit www.pembina.com.
Forward-Looking Information and Statements
This document contains certain forward-looking statements and
information (collectively, "forward-looking statements") within the
meaning of the "safe harbor" provisions of applicable securities
legislation that are based on Pembina's and Kinder Morgan Canada's current expectations,
estimates, projections and assumptions in light of their experience
and their perception of historical trends. In some cases,
forward-looking statements can be identified by terminology such as
"expects", "will", "would", "anticipates", "plans", "estimates",
"develop", "intends", "potential", "continue", "could", "create",
and similar expressions suggesting future events or future
performance.
In particular, this press release contains forward-looking
statements, including, without limitation, the following: the
Arrangement, including the expected closing date, the timing and
anticipated receipt of required regulatory, court and
securityholder approvals for the Arrangement and the ability of
Pembina and Kinder Morgan Canada to
satisfy the other conditions to, and to complete, the
Arrangement.
These forward-looking statements and information are being
made by Pembina based on certain assumptions that Pembina have made
in respect thereof as at the date of this news release, including:
the ability of the parties to satisfy the conditions to closing of
the Arrangement in a timely manner and substantially on the terms
described in this press release.
Although Pembina believes that the expectations and material
factors and assumptions reflected in these forward-looking
statements are reasonable as of the date hereof, there can be no
assurance that these expectations, factors and assumptions will
prove to be correct.
These forward-looking statements are not guarantees of future
performance and are subject to a number of known and unknown risks
and uncertainties, which may cause actual performance and financial
results to differ materially from the results expressed or implied,
including, but not limited to: the ability of the parties to
receive, in a timely manner, the necessary regulatory, court,
securityholder, stock exchange and other third-party approvals,
including but not limited to the receipt of applicable shareholder
approvals; the ability of the parties to satisfy, in a timely
manner, the other conditions to the closing of the Arrangement,
including the concurrent closing of the sale of the U.S.-regulated
Cochin pipeline system by
Kinder Morgan, Inc. to Pembina; and
certain other risks detailed from time to time in Pembina's public
disclosure documents including, among other things, those detailed
under the heading "Risk Factors" in Pembina's and Kinder Morgan Canada's management's discussion
and analysis and annual information form for the year ended
December 31, 2018, which can be found
at www.sedar.com under respective company's profiles. In
addition, the closing of the Arrangement may not be completed, or
may be delayed if the parties' respective conditions to the closing
of the Arrangement, including the timely receipt of all necessary
regulatory approvals, are not satisfied on the anticipated
timelines or at all. Accordingly, there is a risk that the
Arrangement will not be completed within the anticipated time, on
the terms currently proposed and disclosed in this press release or
at all.
Readers are cautioned that events or circumstances could
cause results to differ materially from those predicted, forecasted
or projected. Such forward-looking statements are expressly
qualified by the above statements. The forward-looking statements
contained in this document speak only as of the date of this
document. Pembina does not undertake any obligation to publicly
update or revise any forward-looking statements or information
contained herein, except as required by applicable laws.
The forward-looking statements contained in this document are
expressly qualified by this cautionary statement.
Investor Relations: Scott Arnold,
(403) 231-3156, 1-855-880-7404, e-mail:
investor-relations@pembina.com, www.pembina.com