Deals
Alfa Oil Dream Falters as $1.7 Billion Pacific Bid Withdrawn
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Mexico’s Alfa SAB and partner Harbour Energy Ltd. dropped their plans to buy Pacific Rubiales Energy Corp. after the driller’s largest shareholder spurned a takeover offer once valued at as much as $1.7 billion.
Pacific Rubiales’s shares tumbled 42 percent to C$3.02 at 9:38 a.m. in Toronto, hours after the deal fell apart, while Alfa jumped the most in three months. Alfa said its offer of C$6.50-a-share “correctly valued” Bogota-based Pacific Rubiales and had no plans to sweeten the price.