BUZZ-Pacific Exploration & Production Corp: Best day in over 3 months

Fri Apr 1, 2016 11:09am EDT
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** Canadian oil producer's shares up 40 pct at $1.16

** Stock rises as much as 59 pct, its biggest intraday percentage gain in over 3 months

** Mexican conglomerate Alfa SAB is back in talks for company with sweetened bid, according to people with knowledge of matter (

** Alfa's proposal includes loan of about $500 mln, as does an existing bid by Pacific management led by co-chairmen Serafino Iacono and Miguel de la Campa, the people told Bloomberg

** Decision on sale and restructuring process of Pacific could come within next few days, they said

** Alfa, which owns about 19 pct of Pacific, had dropped plans to buy company with Harbour Energy Ltd in July

** Up to Thursday's close, stock had lost nearly three-quarter of its value in past 12 months