Deals
Alfa Oil Dream Nears Reality as Pacific Rubiales Accepts Bid
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Alfa SAB’s oil ambitions are a step closer, with Pacific Rubiales Energy Corp. accepting its takeover offer in a deal that values Latin America’s largest non-state oil producer at about C$2.1 billion ($1.7 billion).
Pacific Rubiales agreed to the joint bid by Alfa, a Mexican conglomerate, and Harbour Energy Ltd. of C$6.50 cash for all Pacific Rubiales shares, the Colombian producer said Wednesday. That’s 39 percent more than the closing price on May 4, the day before it said it had entered exclusive talks. The stock rose to a four-month high of C$6.29 in Toronto Thursday.