Canadian Tribunal Gives Keyera, Plains Until Late June to Rebut Bid to Undo Merger

By Paul Vieira

OTTAWA--Canadian's quasi-judicial antitrust body said Friday that Keyera and Plains All American Pipeline have until June 29 to file counterarguments against a bid by authorities to unwind their $3.9 billion deal.

Canada's Competition Bureau launched a bid last week to stop the transaction, which it said would entrench control over a critical piece of energy infrastructure, and thereby reduce competition in the processing of natural-gas liquids. Keyera, based in Calgary, Alberta, agreed to buy Plains's Canadian assets, and it said it disagrees with the bureau's allegations.

The Competition Tribunal, which will decide on the matter unless there is a settlement, has given Keyera and Plains until late June to plead their case.

Keyera this week formally closed the transaction, although it runs the risk of unwinding the deal should the tribunal rule in the bureau's favor. The tribunal could also rule in favor of Keyera, or it could allow the transaction to stand so long as Keyera agrees to sell some assets.

Write to Paul Vieira at paul.vieira@wsj.com

(END) Dow Jones Newswires

May 15, 2026 18:16 ET (22:16 GMT)