Keyera Shares Plunge as Regulator Challenges Plains Gas Deal

Keyera Corp. shares plunged the most in more than five years after regulators announced plans to challenge its planned acquisition of Plains All American Pipeline LP’s Canadian natural gas liquids business.

Canada’s Competition Bureau said the proposed transaction “is likely to harm competition” in the Fort Saskatchewan, Alberta hub for natural gas liquids processing and storage. The deal would leave Keyera and Pembina Pipeline Corp. as sole operators in the area.