O’Hara Touting Rubiales Value, Expansion Potential to InvestorsAndrew Willis
The largest shareholder in Pacific Rubiales Energy Corp. is talking to European and U.S. investors about the future of Latin America’s largest independent oil producer.
O’Hara Administration Co. plans to be a long-term investor in Pacific and sees significant expansion potential at the company, according to spokesman Orlando Alvarado.
“On a daily basis we are talking to large funds, explaining why we believe there is a long-term” opportunity, Alvarado said in a telephone interview from Madrid Wednesday. “We believe Pacific can go to new markets, like Venezuela, Mexico and other countries in Latin America.”
Alfa SAB and Harbour Energy Ltd. withdrew a C$2.1 billion ($1.6 billion) takeover bid for Pacific July 8 after opposition from the Venezuelan-led O’Hara group, causing shares to plunge more than 40 percent on July 9, when they settled at C$2.85 in Toronto. The shares have risen 23 percent this week to C$3.56.
Alvarado declined to comment on whether O’Hara has held talks with Alfa, saying “all options are on the table.”
O’Hara said in May it hired Lazard Asesores Financieros SA to persuade Pacific shareholders to reject the Alfa bid and raise financing that could be used for a counteroffer.
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