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

Canada's Competition Tribunal has granted Keyera and Plains All American Pipeline until June 29 to respond to a bid by the Competition Bureau to reverse their $3.9 billion merger. The Bureau argues the deal would reduce competition in natural-gas liquids processing. Keyera has closed the transaction but risks its reversal depending on the tribunal's decision, which could also allow the merger with conditions.