By Brazil Stock Guide – Colombia’s Ecopetrol has formally launched the next stage of its planned acquisition of control of Brava Energia S.A. (BRAV3), after obtaining automatic registration for a tender offer aimed at increasing its stake in the Brazilian oil and gas company to 51%.
The offer, filed through Ecopetrol Investimentos do Brasil Ltda., seeks to acquire 116.1 million common shares, equivalent to roughly 25% of Brava’s total share capital, at R$23 per share. If fully accepted, the Colombian state-controlled oil company will hold a controlling stake in Brava.
The transaction itself is not new. In April, Ecopetrol disclosed the acquisition of about 26% of Brava and signaled its intention to pursue control through a subsequent tender offer. The latest announcement marks the formal registration of that process with Brazil’s securities regulator and establishes a clear timetable for execution.
The tender offer auction is scheduled for June 25, 2026, on B3’s electronic trading platform.
Brava shares closed Monday at R$19.93, implying a premium of about 15.4% relative to the offer price. The stock is expected to trade closer to the tender level in coming sessions, although investors may continue to price in uncertainties surrounding shareholder acceptance, regulatory approvals and the board’s assessment of the deal.
Brava said its board of directors is evaluating the terms and implications of the offer with advisers and will publish a formal opinion within 15 days, as required under Novo Mercado and CVM rules.
The board’s recommendation could become a key factor in shaping investor expectations, particularly if shareholders argue that the offer undervalues Brava’s oil and gas portfolio and long-term positioning in Brazil’s offshore sector.
For Ecopetrol, the acquisition would deepen its presence in Brazil and expand its regional production platform beyond Colombia. For Brava, the transaction could accelerate a broader consolidation trend among independent energy companies operating in Latin America.