SAO PAULO, April 23 (Reuters) – Colombia’s state oil firm Ecopetrol has agreed to buy a stake of around 26% in Brazilian energy firm Brava, in a deal that could result in the Colombian company taking a majority control of the Brazilian firm, they said on Thursday.
The Colombian state firm expects to launch a public tender offer to reach a strong enough shareholding position to control the Brazilian company, Brava and Ecopetrol said in separate securities filings.
Ecopetrol’s planned offer on Brazil’s B3 stock exchange will price Brava’s shares at 23 reais ($4.60) each, representing a 27.8% premium over Brava’s 90-day volume-weighted average price, the Colombian firm said.
The conclusion of the transaction will require approval from Brazil’s antitrust watchdog CADE.
Brava’s shares were down 1% over the news, paring gains from earlier on Thursday.
($1 = 4.9990 reais)
(Reporting by Fernando Cardoso, Editing by Iñigo Alexander and Sarah Morland)
Comments