Venezuelan investors oppose Alfa, Harbour bid for Pacific Rubiales; eye shrs
By Nelson Bocanegra
BOGOTA May 20 (Reuters) - A group of Venezuelan investors are opposed to a bid by Mexico's Alfa and Harbour Energy to purchase oil producer Pacific Rubiales, and said they may continue to buy up more shares of the company.
The investors have increased their participation in Toronto-based Pacific Rubiales over the past two weeks to 19.5 percent from 12 percent and "intend to oppose the acquisition," O'Hara Administration Co said in a statement late on Tuesday on behalf of the group.
Pacific Rubiales, which operates major oil fields in Colombia, said earlier this month that it had received an offer from Alfa and Harbour Energy Ltd to buy the company for about C$2.05 billion ($1.68 billion), or C$6.50 per share.
The Venezuelan investor group includes: O'Hara Administration Co; IPC Investments Corp; Telmaven Overseas Inc; Volbor Trading Ltd; Memphis Investment Limited; Agency Partner Corp; Orlando Alvarado; Fundacion Nemone and the Adar Macro Fund.
"In opposing the proposed acquisition, O'Hara may take any and all actions it considers advisable, including acquiring additional common shares of Pacific Rubiales," the statement said.
O'Hara said it does not currently have any plans to make its own bid to purchase Pacific Rubiales, but "it may reconsider doing so if circumstances change."
Pacific Rubiales shares were up 6.8 percent on the Colombian stock market to 12,560 pesos and rose 4.8 percent to C$6.1 in Toronto.
Alfa already owns an 18.95 percent stake in Pacific Rubiales and has businesses in branded foods, aluminum auto components, petrochemicals, information technology and telecommunications services.
Harbour Energy is a joint venture between Asian commodity trader Noble Group Ltd and U.S. private-equity firm EIG Global Energy Partners. ($1 = 1.2218 Canadian dollars) (Reporting by Nelson Bocanegra, writing by Julia Symmes Cobb; editing by G Crosse)
© Thomson Reuters 2016 All rights reserved.