Inter Pipeline Fund Completes Acquisition of Petroleum and Petrochemical Storage Business in Germany
CALGARY, ALBERTA, January 3, 2006: Inter Pipeline Fund (Inter Pipeline) (TSX: IPL.UN) announced today that it completed the acquisition of Tanklager-Gesellschaft Hoyer mbH ("TLG"), an independent bulk liquid storage business located in Mannheim, Germany on January 1, 2006. The transaction involved the purchase of all outstanding share capital of TLG from Hoyer GmbH International Fachspedition for cash consideration of 27 million Euros, or approximately $38 million Canadian, plus closing adjustments.
The TLG acquisition now increases Inter Pipeline's European storage operations from 6 million barrels to 7.9 million barrels of storage capacity. TLG will be operated as a wholly owned subsidiary of Simon Storage Limited.
| Inter Pipeline
Fund |
Inter Pipeline is a major petroleum transportation, bulk liquid storage and natural gas liquids extraction business based in Calgary, Alberta, Canada. Structured as a publicly traded limited partnership, Inter Pipeline owns and operates energy infrastructure assets in western Canada, the United Kingdom, Germany and Ireland.
Inter Pipeline is a member of the S&P/TSX Composite Index. Class A Units trade on the Toronto Stock Exchange under the symbol IPL.UN. |
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| Only persons who are residents of Canada, or if partnerships, are Canadian partnerships, in each case for purposes of the Income Tax Act (Canada) are entitled to purchase and own Class A Units and debentures of Inter Pipeline. |
Disclaimer
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Certain information contained herein may constitute forward-looking statements that involve risks and uncertainties. Readers are cautioned not to place undue reliance on forward-looking statements. Such information, although considered reasonable by the General Partner of Inter Pipeline at the time of preparation, may later prove to be incorrect and actual results may differ materially from those anticipated in the statements made. For this purpose, any statements that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements often contain terms such as "may", "will", "should", "anticipate", "expects" and similar expressions. Such risks and uncertainties include, but are not limited to, risks associated with operations, such as loss of markets, regulatory matters, environmental risks, industry competition and the ability to access sufficient capital from internal and external sources. You can find a discussion of those risks and uncertainties in Inter Pipeline’s securities filings at www.sedar.com. Except to the extent required by applicable securities laws and regulations, Inter Pipeline assumes no obligation to update or revise forward-looking statements made herein or otherwise, whether as a result of new information, future events, or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary note.
All dollar values are expressed in Canadian dollars unless otherwise noted. |
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