BOGOTA, Sept 30 (Reuters) - Shares in Canadian oil company Petrominerales surged 43 percent on Colombia's stock exchange on Monday, after a takeover deal by Pacific Rubiales , Colombia's largest private oil producer.
Petrominerales shares traded on the Toronto stock exchange also rose but by a much lower 3.9 percent to C$11.62. Toronto-listed shares in Pacific Rubiales fell 1.2 percent while its Bogota-listed shares fell 2.5 percent to 37,900 pesos.
The C$1.6 billion ($1.55 billion) takeover, financed mainly through cash and bank loans, will bring synergies for Pacific Rubiales' Colombia operations, including a source of lighter oil to use as a diluent for its own heavier crudes, the company said in an online presentation to analysts on Monday.
Increased access to oil pipeline transport would also reduce Pacific Rubiales spending on more expensive road haulage to take some its crude to ports, the company said, as well significantly increasing the area it owns for exploration and production.
Trade in the shares of both companies was halted by Canada's financial regulator on Friday ahead of the announcement of the deal which came on Sunday evening.