Pacific Rubiales Energy Corp., Latin America’s largest independent oil producer, will ask the Supreme Court of British Columbia to exclude some shares held by the O’Hara Group from a takeover vote.
Pacific alleges the purchase of a 6.74 percent stake by O’Hara, a group of investors that opposes a takeover offer from Alfa SAB and Harbour Energy Ltd., violated Canadian securities laws and will ask for those shares to be blocked from the July 7 vote, according to an e-mailed statement.
O’Hara is Pacific’s largest shareholder with almost 20 percent of the stock, which is traded in Toronto and Bogota.
“Such shares appear to have been acquired by members of the group in contravention of applicable Canadian securities laws,” Pacific said in the statement.
O’Hara said the oil producer’s attempt to block some of the shares from the vote reflects growing opposition to the takeover.
Earlier on Thursday O’Hara published a dissident circular, asking shareholders to reject Alfa and Harbour’s takeover offer and proposing changes for Pacific if the deal is successfully blocked.
“This is a further waste of shareholders money and shows the support our dissident circular has among shareholders,” O’Hara spokesman Orlando Alvarado said by telephone from Madrid.