Alfa, Harbour Energy To Buy Pacific Rubiales For $5.30 Per Share

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Mexican conglomerate Alfa SAB and Harbour Energy said on Thursday morning they have entered into a definitive agreement to buy Pacific Rubiales Energy Corp. for 6.5 Canadian dollars ($5.30) a share in an all-cash deal. Alfa already owns 18.95% of Pacific Rubiales. The price represents a 39% premium to the closing price of Pacific Rubiales on May 4, which was the day the companies announced they had started buyout discussions. The deal offers a lifeline to Pacific Rubiales, which has been hard hit by the slide in global oil prices. The takeover deal has been unanimous approved by Pacific Rubiales's board of directors.

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