Mexico’s Alfa said to bid for Pacific in surprise comeback


Mexican conglomerate Alfa SAB is back in talks to take over Pacific Exploration & Production Corp. with a sweetened bid for the beleaguered Colombian oil producer, according to people with knowledge of the matter. Shares of Pacific jumped.
A strong offer by Alfa could win support from Pacific’s biggest investor, O’Hara Administration Co., and the producer’s management, the people said, asking not to be identified because the deliberations are private. The offer comes as a surprise after Alfa dropped a bid last month, the people said. Pacific surged 42 percent to 2,825 pesos at in Bogota, reducing its decline this year to 23 percent.
Alfa’s proposal includes a loan of about $500 million, as does an existing bid by Pacific management led by co-chairmen Serafino Iacono and Miguel de la Campa, they said. A board meeting to decide on the best offer scheduled for Thursday evening has been canceled.
Alfa, Pacific and O’Hara declined to comment. A decision on the sale and restructuring process of Pacific.

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