RTTNews | Jul 26, 2021 12:44PM EDT

12:43 Monday, July 26, 2021 (RTTNews.com) - Canadian oil-giant Pembina Pipeline Corporation (PBA) shares are trading 5% higher in the market after the company terminated its $6.7 billion bid to acquire Inter Pipeline Ltd.

The decision makes rivals, Brookfield Infrastructure Partners Ltd., clear favorites for the acquisition. Inter is supposed to pay C$350 million termination fee to Pembina.

"Inter Pipeline's Board of Directors is open to engaging with Brookfield in an effort to reach a mutually agreeable transaction in the best interests of shareholders," said a statement by Inter.

The shares of the company are currently dealing at $32.56, up $1.20 or 3.83% since their previous close at $31.36 on Friday. The shares opened at $31.71 in the morning and in the 52-week period, the shares have ranged between $20.10 and $34.25.

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