Pacific Rubiales agrees to Alfa-Harbour's C$6.50/shr offer

Thu May 21, 2015 2:06am EDT
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May 21 (Reuters) - Oil producer Pacific Rubiales Energy Corp said it has agreed to the C$6.50 per share cash offer from Mexico's Alfa Sab de CV and investment firm Harbour Energy Ltd.

The transaction is expected to close in the third quarter of 2015, Toronto-based Pacific Rubiales said late on Wednesday.

Reuters reported on May 5 that Alfa and Harbour Energy have agreed to buy Pacific Rubiales for C$6 billion ($4.97 billion), including debt. Pacific Rubiales later confirmed the offer.

Some Venezuelan investors opposed to the Alfa-Harbour bid said they may continue to buy up more shares of Pacific Rubiales. They have raised their stake in the company to 19.5 percent from 12 percent over the past two weeks and said they "intend to oppose the acquisition."

Bank of America Merrill Lynch is the financial adviser to Pacific Rubiales, while Norton Rose Fulbright Canada LLP is the legal adviser.

Harbour Energy is formed by EIG Global Energy Partners and the Noble Group. (Reporting by Rishika Sadam in Bengaluru; Editing by Gopakumar Warrier)