UPDATE 2-Brookfield moves to eliminate Inter Pipeline's termination fee to Pembina

(Adds Pembina comment; Updates share price)

June 10 (Reuters) - Brookfield Infrastructure Partners filed an application with the Alberta securities regulator to do away with takeover target Inter Pipeline Ltd’s C$350 million ($289.11 million) termination fee to Pembina Pipeline Corp.

Brookfield last week raised its hostile offer to buy Inter Pipeline to C$8.48 billion, topping Pembina’s C$8.3 billion all-stock proposal for the Canadian oil and gas transportation company.

Brookfield said on Thursday if it was successful in eliminating or reducing the termination fee, it would increase its takeover offer for Inter Pipeline by an equivalent amount.

“In the face of a superior offer with greater upside for Inter Pipeline investors, Brookfield’s actions are desperate”, Pembina said.

Pembina’s shares rose 2.1% to C$39.99, while Brookfield and Inter Pipeline’s stocks were unchanged.

Inter Pipeline on Thursday reiterated its recommendation for Pembina’s offer over Brookfield’s proposal to its shareholders.

$1 = 1.2106 Canadian dollars Reporting by Arunima Kumar in Bengaluru; Editing by Aditya Soni and Shounak Dasgupta