Kinder Morgan Canada, whose stock trades on the Toronto Stock Exchange under the KML ticker, saw its share price spike to $18 Tuesday morning after being halted ahead of the announcement of Canada's offer to buy the Trans Mountain pipeline and expansion project.
The federal move is welcome to get the stalled project going, said Tim McMillan, CEO of the Canadian Association of Petroleum Producers, adding he also is pleased that Ottawa has committed to put the project back in private hands "where it belongs".
"There is a very strong business case for this pipeline", Prime Minister Justin Trudeau told Bloomberg Television, saying the government takeover meant "a lot of the legal barriers and a lot of the challenge points actually disappear".
Kinder Morgan Canada stock fell again Wednesday, continuing the post-deal trend that saw it close almost three per cent lower at $16.10 on Tuesday.
"We maintain our previous concern that the federal Liberal government will likely be highly reluctant to exercise force approaching the window of the next election cycle, expected next fall", they wrote.
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That flow was being fed by fissure No. 8 in Leilani Estates, which was fountaining lava about 200 feet into the air. The volcanic gases, along with the debris falling from the sky after eruptions, were also a safety concern.
The decision represents "a massive, unnecessary financial burden on Canadian taxpayers", Canadian Taxpayers Federation Federal Director Aaron Wudrick said.
It expects after-tax proceeds for the approximately 30 per cent of Kinder Morgan Canada not owned by its Houston-based parent company to be about $1.25 billion.
Morneau sidestepped questions about how Ottawa will deal with opposition from environmentalists and aboriginal groups, who cite the risk of a catastrophic spill. "Given it will be stuck in court for a while, I don't think we will see this pipe built anytime soon".
Kinder Morgan had issued a May 31 ultimatum for clarification on the status of the project, which is now mired in legal challenges raised by B.C. Premier John Horgan and also facing Lower Mainland opposition with protests in Burnaby and Vancouver.
"Investors should note that the opposition to this project is strong, deep and gets bigger by the day", Greenpeace Canada's Climate & Energy Campaigner Mike Hudema said.
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Golden State will be without 2015 NBA Finals MVP Andre Iguodala as he continues to recover from a bone bruise in his left knee. LeBron has played all 82 regular season games and has seen 600 more minutes than any Warriors player ahead of the Finals.
Kean did not say why he chose to sell rather than absorb the risk of further delays. Kinder Morgan Canada has a twelve month low of C$14.93 and a twelve month high of C$20.00.
It is wholly owned by the Canadian division of Kinder Morgan Energy Partners and has been in use since 1953.
Perhaps when the federal government is paying the bills, it will take B.C.'s stonewalling of Trans Mountain more seriously.
For its part, the Trudeau government greenlighted Trans Mountain in November 2016 and has long insisted the project is in the national interest because Canada loses $15 billion every year as a result of now limited access to export markets outside the U.S. Alberta threatened to halt crude and fuel shipments to British Columbia, where consumers already pay high gasoline prices, and briefly halted imports of the coastal province's wines. The contribution will convert into equity in the pipeline.
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Irving's agent, Jeff Wechsler, told ESPN that Irving couldn't fly because of the surgery, but did want to attend the game. The Celtics played all but five minutes of its season without Hayward in the lineup.