Shares in Mexico's Alfa Drop Nearly 5 pct

Shares in Mexican conglomerate Alfa fell nearly 5 percent on Wednesday, the day after the company made a take-over bid for oil producer Pacific Rubiales.

The Canadian oil and gas company said on Tuesday that Alfa and Harbour Energy Ltd had offered C$6.50 per share, valuing the oil and gas company at about C$2.05 billon ($2.08 billion).

Alfa shares dropped as the market opened, falling nearly 5 percent, but later paring gains to around 32.40 pesos per share.

(Reporting by Miguel Angel Gutierrez)