Canada's antitrust watchdog has launched a formal review to block Keyera's $3.7 billion acquisition of Plains All American Pipeline's Canadian gas business, citing concerns over reduced competition at a critical natural-gas liquids-processing hub in Fort Saskatchewan, Alberta. The Competition Bureau argues the deal would concentrate control over infrastructure vital to processing and storing natural gas liquids, potentially disadvantaging smaller regional producers who depend on the facility. Keyera, which operates Canada's largest propane pipeline network, maintains the transaction will proceed this month despite regulatory scrutiny.