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Pacific Rubiales buys Petrominerales

Monday, September 30, 2013

Pacific Rubiales, Colombia's largest private oil company, said it will buy Canada's oil producer and explorer Petrominerales for $1.5 billion, financing the deal with cash and loans.

"This acquisition fits our strategy excellently, generating immediate additional value through synergies of assets and increasing production and cash flow attractively," Pacific Rubiales Chief Executive Ronald Pantin said.

Canada's financial regulator suspended trading in the shares of both Toronto-listed companies on Friday amid speculation of a forthcoming deal.

Source: Reuters