Petro Andina shares jump on takeover bid
Last Updated: Thursday, June 18, 2009 | 4:16 PM ET
CBC News
Shares of Petro Andina Resources Inc. closed up more than 31 per cent on Thursday after a Dutch oil and gas firm said it planned to make a $400-million cash bid for the company.
Calgary-based Petro Andina's stock was up $2.20 to $9.15 on the Toronto Stock Exchange.
Privately-held Pluspetrol Resources Corp. N.V. said it will offer $8.10 in cash for each share of Petro Andina. The unsolicited takeover bid is expected to commence on Friday.
Petro Andina has heavy-oil production assets in Argentina's Neuquen Basin, and it has exploration territory in Colombia and Trinidad and Tobago.
Pluspetrol's main focus is in Latin America, with operations in Argentina, Bolivia, Venezuela, Colombia and Chile.
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