Pan Andean Resources said it received a takeover offer from Petrominerales, a Latin American-based oil company, that values its Colombian and Peruvian assets at about ￡18 million ($29 million). Each Pan Andean shareholder would receive 15 pence/share for the Colombian and Peruvian assets of Pan Andean, with the US and Bolivian interests remaining with existing shareholders under a newly formed company Hydrocarbon Exploration.
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