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Ecopetrol CEO Defends $4 Billion Deal That Unnerved Investors

Ecopetrol CEO Defends $4 Billion Deal That Unnerved Investors Feb 27 2021, 2:20 AM February 26 2021, 5:02 PM February 27 2021, 2:20 AM (Bloomberg) The deal, as investors from Bogota to New York see it, has all the markings of a cash-strapped federal government forcing a state-run company to bail it out. (Bloomberg) The deal, as investors from Bogota to New York see it, has all the markings of a cash-strapped federal government forcing a state-run company to bail it out. Ecopetrol SA, Colombia’s biggest oil company, would hand over about $4 billion to the government in exchange for control of another state-sponsored outfit, the electric utility giant known as ISA. From the moment word of the transaction leaked in early January, questions began to pile up from perplexed investors how did the deal fit with Ecopetrol’s business model? How will the price tag be settled? and the stock began to badly lag the broad rally in oil drillers across the globe.

Colombia s Ecopetrol could issue shares to finance ISA stake purchase -CEO

Oliver Griffin, Luis Jaime Acosta 2 分钟阅读 BOGOTA, Feb 24 (Reuters) - Colombia’s majority state-owned energy company Ecopetrol could issue up to $2.5 billion in shares to help finance its potential purchase of a majority stake in electricity and infrastructure conglomerate ISA , chief executive Felipe Bayon said on Wednesday. Ecopetrol made a non-binding offer to buy the government’s 51.4% stake in Interconexin Electrica S.A. E.S.P (ISA) at the end of January. Though the state owns 88.49% of Ecopetrol, the company could reduce that stake to 80% by issuing shares to help it finance an eventual ISA deal, Bayon said in a Reuters interview.

Colombia s Ecopetrol could issue shares to finance ISA stake purchase - CEO

Colombia s Ecopetrol could issue shares to finance ISA stake purchase - CEO
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Colombia s Ecopetrol to triple Permian Basin investment this year to $600 million

Colombia s Ecopetrol to triple Permian Basin investment this year to $600 million
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