Mexican consortium buys Pacific Rubiales

pacific rubiales

Pacific Rubiales sold to the Mexican consortium every single share of stock in 6.50 Canadian dollars.

Alfa Group and Harbour Energy will buy all the shares of stock form Pacific Rubiales on the third trimester of the year.

Mexico City, May 25, 2015.- The Mexican companies Harbour Energy and Alfa Group formalized a definitive trade with the energetic enterprise Pacific Rubiales Energy in order to buy all their shares of stock, the company sold to the Mexican consortium every single share of stock in 6.50 Canadian dollars.

The Alfa Group CEO, Armando Garza Sada said that this transaction represents a step forward towards the creation of a strategy from the consortium in order to be an important piece into the energetic field, also said that both companies have new oil projects located in Colombia, a country who had the most productive plants of Pacific Rubiales.

According with information sent to the Mexican Stock Exchange (BMV), Alfa Group specified that on the moment the company owns almost 60 million shares of stock from Pacific Rubiales, amount that represents 18.95% of the total.

Armando Garza Sada also said that the transaction will be concluded on the third trimester of this year when Alfa and Harbour Energy owns 50% of the shares of stock from Pacific Rubiales each one. The buy price offered by the Canadian company represents a 39% discount compared with the original price for the shares on the Canadian Stock Exchange on the first days of May.

The transaction received the approbation from the Administration Council of Pacific Rubiales, acting under the Council a committee composed by independent consultants and financial advisers extended the recommendation to all the stock owners to vote approving the transaction of the company to the Mexican consortium, the result of the process its important because to formalize the operation the assembly of Pacific Rubiales must approve the decision with the 66.66% of the votes, because of that the Administration Council asked to the stock owners to vote in favor to the new resolution.

Mexican Business Web

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