Deals
Pacific Rubiales Executives Said to Plan Share Purchase
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A group of Pacific Rubiales Energy Corp. executives hired Banco Itau BBA SA and Citigroup Inc. to arrange a loan and seek partners for a possible management buyout, according to people with direct knowledge of the matter.
The plan is a defensive move after Alfa SAB, the Mexican auto parts and petrochemical company, raised its Pacific Rubiales shareholding more than 20 times in just over two months, the two people said asking not to be named because talks are private. They declined to specify the size of the loan, which is being arranged with other banks, or how many additional shares the executives would buy. The stock price surged today.