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Ecopetrol (NYSE: EC) restarts bid for control of Brava Energia

Filing Impact
(Neutral)
Filing Sentiment
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Form Type
6-K

Rhea-AI Filing Summary

Ecopetrol S.A. announced that its Brazilian subsidiary, Ecopetrol Investimentos do Brasil LTDA, has resumed a Voluntary Tender Offer (OPAV) on the B3 exchange to acquire 116,110,717 common shares of Brava Energia S.A., representing approximately 25% of Brava’s share capital, as part of a process to complete the acquisition of a controlling equity stake. The offer follows the publication on B3 of a revised OPAV document that incorporates recommendations from the Comissão de Valores Mobiliários (CVM) set out in Official Letter No. 160/2026/CVM/SRE/GER-1. The OPAV is expected to remain open until August 5, 2026, when the auction would take place, and the transaction remains subject to applicable regulatory requirements and specific conditions precedent described in the offer document. Ecopetrol expects to disclose the results of the OPAV and any other material developments related to this transaction.

Ecopetrol is described as the largest company in Colombia and one of the main integrated energy companies in the Americas, with more than 19,000 employees. It is responsible for over 60% of Colombia’s hydrocarbon production and key transportation, logistics and refining systems, and holds leading positions in petrochemicals and gas distribution. With the acquisition of 51.4% of ISA’s shares, Ecopetrol also participates in energy transmission, real-time systems management and road concessions, and, through operations and ISA’s subsidiaries, it has a presence in oil and gas exploration and production and power transmission across several countries in the Americas.

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Brava Energia shares in OPAV 116,110,717 common shares Targeted by Ecopetrol’s Voluntary Tender Offer on B3
Brava Energia capital targeted approximately 25% Proportion of Brava Energia share capital covered by the OPAV
OPAV auction date August 5, 2026 Expected date on which the tender offer auction would take place on B3
Stake in ISA 51.4% of ISA’s shares Equity interest through which Ecopetrol participates in energy transmission and related businesses
Employees more than 19,000 Number of Ecopetrol employees across its integrated energy operations
Colombia hydrocarbon production share more than 60% Portion of Colombia’s hydrocarbon production for which Ecopetrol is responsible
Voluntary Tender Offer regulatory
"terms and conditions of the Voluntary Tender Offer (Oferta Pública de Aquisição Voluntária"
A voluntary tender offer is a public proposal by an investor, group, or company to buy shares from existing shareholders at a set price for a limited time, where selling is optional. It matters to investors because the offer can provide a quick chance to sell at a premium or signal a change in control or strategy; think of it like a temporary buyout sale where owners decide whether to accept the cash on the table.
Oferta Pública de Aquisição Voluntária regulatory
"Voluntary Tender Offer (Oferta Pública de Aquisição Voluntária, or “OPAV”)"
Comissão de Valores Mobiliários regulatory
"recommendations communicated by the Comissão de Valores Mobiliários (“CVM”)"
A securities commission is a government agency that oversees the buying and selling of stocks, bonds and other investment products to ensure markets are fair, transparent and lawful. Think of it as the market’s referee and rulemaker: it sets disclosure rules, investigates fraud and can sanction bad actors, which helps investors trust that companies report accurate information and that markets operate smoothly. That oversight affects investment risk and confidence.
conditions precedent regulatory
"subject to the fulfillment of applicable regulatory requirements and certain specific conditions precedent"
Conditions precedent are the specific tasks, approvals, or facts that must be satisfied before a contract or transaction becomes effective or a payment is made. Think of them as a checklist you must complete before turning the key on a new machine; if items are missing the deal can be delayed, renegotiated, or canceled. Investors watch these conditions because they determine timing, completion risk, and whether expected benefits will actually occur.

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FAQ

What transaction did Ecopetrol (EC) announce regarding Brava Energia in Brazil?
Ecopetrol announced that its Brazilian subsidiary has resumed a Voluntary Tender Offer on B3 to acquire 116,110,717 Brava Energia common shares, about 25% of its share capital, aiming to complete the acquisition of a controlling equity stake, subject to regulatory and contractual conditions.

How many Brava Energia shares are targeted in Ecopetrol’s (EC) tender offer?
The Voluntary Tender Offer seeks to acquire 116,110,717 common shares of Brava Energia, representing approximately 25% of the company’s share capital. These shares are being offered through an OPAV conducted by Ecopetrol’s Brazilian subsidiary on the B3 Securities Exchange.

Until when will Ecopetrol’s (EC) Voluntary Tender Offer for Brava Energia remain open?
The OPAV is expected to remain open until August 5, 2026, when the auction would take place on the B3 exchange. Shareholders participating in the offer would have their orders processed in that auction, subject to the offer’s detailed terms and conditions.

What regulatory steps affected Ecopetrol’s (EC) tender offer for Brava Energia?
Ecopetrol’s Brazilian subsidiary published a revised OPAV document on B3 incorporating recommendations from the Comissão de Valores Mobiliários (CVM), as referenced in Official Letter No. 160/2026/CVM/SRE/GER-1. Following this filing, the Voluntary Tender Offer on B3 has been resumed.

Will Ecopetrol (EC) provide updates on the Brava Energia tender offer?
Ecopetrol states that it expects to disclose the results of the OPAV together with any other material developments related to the Brava Energia transaction. Investors can therefore anticipate further public communication once the auction occurs and conditions are evaluated.

What is Ecopetrol’s (EC) broader business profile and international presence?
Ecopetrol is described as Colombia’s largest company, with more than 19,000 employees, responsible for over 60% of national hydrocarbon production. It also owns 51.4% of ISA’s shares and participates in energy transmission, road concessions and telecommunications across several Latin American countries.

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of July, 2026

 

Commission File Number 001-34175

 

ECOPETROL S.A.

(Exact name of registrant as specified in its charter)

 

N.A.

(Translation of registrant’s name into English)

 

COLOMBIA

(Jurisdiction of incorporation or organization)

 

Carrera 13 No. 36 – 24
BOGOTA D.C. – COLOMBIA
(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F x      Form 40-F ¨

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1)

 

Yes ¨      No x

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7)

 

Yes ¨      No x

 

Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

 

Yes ¨      No x

 

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- N/A

 

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  Ecopetrol S.A.  
     
 

By:  

 /s/ Alfonso Camilo Barco  
    Name:  

Alfonso Camilo Barco

 
    Title: Chief Financial Officer  

 

Date: July 20, 2026

 

 

 

 

 

 

 

 

Ecopetrol Resumes the Tender Offer in Brazil to Complete the Acquisition of a Controlling Equity Stake in Brava Energia S.A.

 

Bogotá, July 20, 2026

 

 

Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) announced today that its Brazilian subsidiary, Ecopetrol Investimentos do Brasil LTDA, published on the B3 Securities Exchange in Brazil the document governing the terms and conditions of the Voluntary Tender Offer (Oferta Pública de Aquisição Voluntária, or “OPAV”), incorporating the recommendations communicated by the Comissão de Valores Mobiliários (“CVM”) in Official Letter No. 160/2026/CVM/SRE/GER-1.

 

With the filing of this revised document, the OPAV on B3 is resumed for the acquisition of a total of 116,110,717 common shares of Brava Energia S.A. (B3: BRAV3), representing approximately 25% of its share capital.

 

The OPAV is expected to remain open until August 5, 2026, on which date the auction would take place. The transaction remains subject to the fulfillment of applicable regulatory requirements and certain specific conditions precedent, all of which are disclosed in the offer document published on B3.

 

We expect to disclose the results of the OPAV together with any other material developments related to the transaction.

 

------------------------------------- 

Ecopetrol is the largest company in Colombia and one of the main integrated energy companies in the American continent, with more than 19,000 employees. In Colombia, it is responsible for more than 60% of the hydrocarbon production of most transportation, logistics, and hydrocarbon refining systems, and it holds leading positions in the petrochemicals and gas distribution segments. With the acquisition of 51.4% of ISA’s shares, the company participates in energy transmission, the management of real-time systems (XM), and the Barranquilla - Cartagena coastal highway concession. At the international level, Ecopetrol has a stake in strategic basins in the American continent, with Drilling and Exploration operations in the United States (Permian basin and the Gulf of Mexico), Brazil, and Mexico, and, through ISA and its subsidiaries, Ecopetrol holds leading positions in the power transmission business in Brazil, Chile, Peru, and Bolivia, road concessions in Chile, and the telecommunications sector.

 

This release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All forward-looking statements, whether made in this release or in future filings or press releases, or orally, address matters that involve risks and uncertainties, including in respect of the Company’s prospects for growth and its ongoing access to capital to fund the Company’s business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices of oil & gas, our exploration, and production activities, market conditions, applicable regulations, the exchange rate, the Company’s competitiveness and the performance of Colombia’s economy and industry, to mention a few. We do not intend and do not assume any obligation to update these forward-looking statements.

 

For more information, please contact:

 

Investor Relations Office

Email: investors@ecopetrol.com.co  

 

Head of Corporate Communications (Colombia)  

Marcela Ulloa  

Email: marcela.ulloa@ecopetrol.com.co 

Source: View Original Filing on SEC EDGAR

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