The canadian oil company, Pacific Rubiales Energy Corp., through a press release announced the merge of three controlled companies.
The Board of Directors of Pacific Rubiales authorized the merge because it controlls the 100% of the shares of those three companies through its subsidiary Rubiales Holdings Corp. The firms that are merging are Meta Petroleum Corp, Quifa Petroleum Ltd. and Tethys Petroleum Company Inc.
The idea is to merge this companies into Meta Petroleum Corp, which represents that the creditors and shareholders of the other two companies will maintain their rights and obligations but with Meta Petroleum Corp.
After the merge is completed, they will start with the asset integration of the branches in Colombia. They also stated that the idea is to use the figure of patronal substitution, so the antique of the workers will be respected.
The explanation given by the managers of the company is that this only was an administrative procedure, they are trying to simplificate and to be more efficient on their management. They also said that this merge is regulated by the colombian law and by the Superintendency of Corporations. Another upside is that with this they will achieve more transparency on the structure of the company in Colombia, not only for them but for the suppliers and for the media, that a few month ago was attacking the company for their lack of transparency and for the diversification of investments in sectors of the economy that nothing has to do with the core business of Pacific Rubiales Energy Corp.