MONTERREY, Mexico and HOUSTON, July 8, 2015 /PRNewswire/ -- ALFA, S.A.B. de C.V. ("ALFA") and Harbour Energy Ltd. ("Harbour Energy") today commented on the announcement by Pacific Rubiales Energy Corp. (TSX – PRE) (BVC – PREC) (the "Company") that the Arrangement Agreement dated May 20, 2015 (the "Arrangement Agreement") entered into by, inter alia, ALFA, Harbour Energy and the Company has been terminated. Consequently, their offer to acquire all of the outstanding shares of the Company (other than the ones held by Alfa), has ceased to remain in effect.
"The early proxy returns suggested that a significant number of shares would be voted against our proposal," said Linda Cook, Harbour Energy's Chief Executive Officer. "As previously stated our offer of C$6.50 per share was full, fair and final, and therefore we have no plans to revise the proposal. As a result, we have agreed with the Company to terminate the Arrangement Agreement."
"As we stated in our communication dated June 25, 2015, we thought our offer correctly valued Pacific Rubiales," said Alvaro Fernandez, ALFA's President. We are not willing to change our offer, therefore we are terminating the Arrangement Agreement. We remain committed to pursue opportunities in the Mexican energy sector and will decide on the alternatives we have," he added.
ALFA is the largest independent producer of complex aluminum components for the automotive industry in the world, and one of the world's largest producers of polyester (PTA, PET and fibers). In addition, it leads the Mexican market in petrochemicals such as polypropylene, expandable polystyrene and caprolactam. ALFA is an important producer, marketer and distributor of highly recognized branded foods in Mexico, the United States and Europe, as well as a leading provider of information technology and telecommunications services for the enterprise segment in Mexico. ALFA also operates in the hydrocarbons industry in Mexico and the United States. In 2014, ALFA reported revenues of Ps. 229,226 million (U.S. $17.2 billion), and EBITDA of Ps. 27,116 million (U.S. $2 billion). Currently, ALFA has manufacturing facilities in 25 countries and employs more than 70,400 people. ALFA's shares are quoted on the Mexican Stock Exchange and on Latibex, the market for Latin American shares of the Madrid Stock Exchange.
About Harbour Energy
Harbour Energy is an energy investment vehicle formed by EIG Global Energy Partners ("EIG") and the Noble Group ("Noble") to pursue control and near control investments in high-quality upstream and midstream energy assets globally. Harbour Energy is externally managed by EIG. EIG specializes in private investments in energy and energy-related infrastructure on a global basis and had $14.8 billion under management as of March 31, 2015. During its 33-year history, EIG has invested over $21.4 billion in the sector through more than 300 projects or companies in 35 countries on six continents. Noble manages a portfolio of global supply chains covering a range of energy and other commodity products from over 140 locations and employing more than 70 nationalities. Noble was ranked number 76 in the 2014 Fortune Global 500.
SOURCE Harbour Energy