Brava says that Ecopetrol's Tender Offer was suspended due to the presentation of an appeal

Brava Energia said that Ecopetrol's public offering of shares over the Brazilian company was suspended after the Colombian company appealed the CVM's decision that adjustments to the OPA notice were necessary.

In a relevant fact sent to the market on Monday night (15), Brava informed that Ecopetrol will appeal to the CVM board "as quickly as possible" and that the Tender Offer will be suspended until the board's final decision.

By Lucinda Pinto: High oil prices impact the petrochemical industry | MARKET CLOSURE

The Colombian company's OPA is intended to purchase 25% of Brava's shares for R$23 per share and will result in Ecopetrol becoming the holder of 51.00% of the Brazilian company's share capital.

Oil, coffee and aircraft: see the most exported items from Brazil to the USA

Source: CNN