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Shares in Inter Pipeline Ltd surged nearly 10 per cent after The Globe and Mail reported the company had received a takeover bid from a unnamed suitor that could be worth $12.4-billion.

Inter, which is developing a $3.5-billion petrochemical plant near Edmonton, jumped $2.07 to $23.81 on the Toronto Stock Exchange, following The Globe’s report, published early Thursday.

Sources with knowledge of the situation said Inter’s board had turned down a cash offer worth $30 a share from a “credible” bidder. It was not immediately known if there were onerous conditions attached. A company spokeswoman declined to comment on the approach, or on a report published in July by the infrastructure news outlet Inframation that said Inter had hired Morgan Stanley to seek buyers for its European bulk fuel storage business.

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Inter is scheduled to report its second-quarter results on Thursday, and has scheduled a conference call for Friday.

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