Canada's Competition Bureau filed an application with the Competition Tribunal to block Keyera Corp.’s completed acquisition of Plains All American’s Canadian natural gas liquids business.
The transaction is valued at $5.3 billion (CAD).
The deal officially closed on May 12, 2026.
Regulators argue the merger harms competition in fractionation and storage at Fort Saskatchewan. The watchdog seeks a court order to undo the transaction or force Keyera to divest the newly acquired assets. Keyera and Plains All American (PAA) plan to contest the challenge, arguing the merger creates a more efficient competitor.
PAA units fell 1.23% when the filing became public. The units reached a price of $23.33 during the initial dip. The stock recovered 1.50% the following day. PAA units closed at $23.68 after the recovery.