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Colombia probes Petrominerales acquisition

Tuesday, October 1, 2013

Colombia opened an investigation into Petrominerales’s record share price gain before the announcement of a $909 million takeover agreement.

Petrominerales rose a record 18 percent September 27, while Pacific Rubiales fell in Bogotá as the two crude producers were put on trading halt in Toronto pending news; the firms disclosed the acquisition two days later.

The probe aims to “clarify the circumstances in which transactions were carried out on the exchange,” the regulator said.

Source: Bloomberg