Pacific Rubiales get takeover offer

[Dr. Wu]

$6 bil Canadian - for real...

[jft310]

$6 bil Canadian - for real...

today that would be $4.97 Billion in US dollars

[jft310]

The market cap of PRE is $1.5 Billion Canadian today before this announcement . That's up 4 fold if its correct and goes through.

[jft310]

Pacific Rubiales Energy Corp., which operates Colombia’s largest oil field, has received a takeover approach by its biggest shareholder that values it at about $6-billion including debt, people with knowledge of the matter said.

Alfa SAB and Harbour Energy Ltd. have made an all-cash offer that values Pacific Rubiales at about $6 a share, the people said, asking not to be identified discussing private information.

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Pacific Rubiales rose 18 per cent to $5.50 at the close in Toronto, giving the company a market value of about $1.74-billion. The company has debt of about $4.7-billion, which has ballooned following acquisitions of smaller oil companies as it faces the end of a contract to operate the namesake Rubiales field.

Speculation of Alfa’s interest in a takeover of Pacific Rubiales has been rife ever since the Mexican group disclosed a stake last year. Alfa built its stake to 19 per cent in October, just below the 20-per-cent threshold that would require a company to start a takeover bid in most cases under Canadian securities law.

Alfa would consider buying, selling or keeping shares of Pacific Rubiales, chairman Armando Garza said at a press conference last month. Such a decision “isn’t easy to make,” he said.

Peter Volk, Pacific Rubiales’s general counsel, said he wouldn’t comment on rumours, and a representative for Alfa declined to comment.

Harbour was formed by Noble Group Ltd., Asia’s largest commodity trader by sales, and private-equity firm EIG Global Energy Partners LLC to invest in assets energy worldwide. A representative for Noble didn’t immediately respond to a request for comment.

[cybersssss]

Wow. This group must really want in on triceratops before drilling. Hardy Harhar

[Stavros]

Noble Group are the folks who had a Heads of Agreement to offtake LNG from IOC when FLNG and EWC Modules were still in play.

[Palm]

I remember this article from back in January on PRE. The bulk of value is in their oil fields and producing assets. Their PNG holding gets a slight mention at the end of the article. Likely they see TRI as an assets to sell and pay off some of the huge debts. The time appears right to strike and pick up the oil assets while they are a bit of a bargain. That's my guess. We might get a .50 "pop" which will likely fade to a blip on this.

http://www.financecolombia.com/pacific-r...er-target/

[Stavros]

To my opinion no one will buy a 10% NET share of Triceratops be it from PRE or the rumored Buyer.

If the PRE acquisition goes ahead, Noble Group (as a partner in Harbour Energy Ltd) will want to retain the share in Tri for future LNG offtake.

[Palm]

Good point; could be. May see it as something to let ride if they can and see if it ends up being something that feeds PNG LNG near term. If not, it sits for a good time and demands cash from cash calls.

[Stavros]

Noble has a market cap of about US$ 4.4 Billion. Listed on the Singapore Exchange

http://thisisnoble.com/live-sgx-quote.html

They are well known to Chee Keong Yap.