FINWIRES · TerminalLIVE
FINWIRES

Ecopetrol Expands Brazil Push With Brava Stake Deal, Tender Offer Ahead

-- Ecopetrol (EC) agreed to acquire a 26% stake in Brava Energia and plans a $23-per-share tender offer to secure a 51% controlling interest, the company said Thursday.

The company signed a share purchase deal on April 23 with Jive, Yellowstone and Bloco Somah Printemps Quantum, key Brava shareholders, to acquire 120,813,490 shares representing about 26% of its equity, it said.

Brava was formed in 2024 after 3R Petroleum Oleo e Gas merged with Enauta Participacoes, creating a Brazil-focused oil and gas player with operations across offshore and onshore basins.

Brava reported $806 million in EBITDA for 2025 with a 39% margin and ranks as the second-largest independent oil company listed in Brazil by reserves and production, the company said.

Ecopetrol will complete the transaction only after meeting conditions, including Brazil's Administrative Council for Economic Defense approval, financing consents, and acquiring enough shares to reach a 51% voting stake, Ecopetrol added.

The company plans a voluntary tender offer on Brazil's B3 exchange at 23 Brazilian reais ($4.58) per share to acquire additional equity and reach majority control, the company added.

The offer implies a 27.8% premium over Brava's 90-day volume-weighted average price and will extend on equal terms to all shareholders under applicable regulatory rules, the company said.

Ecopetrol expects to fund the acquisition through a bridge loan, subject to closing conditions and regulatory approvals tied to the transaction, it said.

The deal would add proportional reserves from Brava's 459 million barrels of oil equivalent reported at year-end 2025 under Petroleum Resources Management System standards, Ecopetrol added.

Ecopetrol would also gain a proportional share of Brava's 2025 output of about 81,000 barrels of oil equivalent per day, boosting production stability and cash flow, it said.

Ecopetrol said the deal will expand its footprint in Brazil, diversify assets in a high-growth region, and strengthen its international portfolio once it meets all closing requirements.

Price: $14.01, Change: $-0.42, Percent Change: -2.91%

Related Articles

Australia

Roper Technologies Delivering Modest Beat and Raise With Aggressive Buybacks and Strong Capital Flexibility, RBC Says

Roper Technologies (ROP) delivered a modest Q1 earnings beat driven mainly by improved Application Software margins, alongside a guidance raise that reflects management's confidence in its software portfolio and its accelerating AI commercialization, RBC Capital said in a Thursday note.Management is increasingly focusing on AI-driven product commercialization across its vertical software portfolio, though many initiatives remain early stage, and noted strong underlying execution with organic growth above expectations, according to the report.Roper repurchased about 4% of its float, or roughly $1.5 billion, in the quarter and later added $3 billion to its buyback program, which RBC said signals confidence in cash generation and valuation, with about $5 billion in total capital available for M&A and further repurchases.RBC said Roper's diversified software portfolio remains resilient, with Application Software and Network Software growing in the mid-single digits and Technology Enabled Products outperforming expectations, reinforcing its view of the company as a strong capital allocator with flexibility for buybacks and disciplined acquisitions.RBC maintained its sector perform rating on the stock and raised its price target to $407 from $393.Shares of Roper Technologies were down 3.1% in Friday trading.Price: $354.00, Change: $-9.76, Percent Change: -2.68%

$ROP
Asia Markets

Germany's DAX Index Retreats; SAP Surges on Higher Q1 Earnings

Germany's blue-chip DAX index closed Friday lower by 0.11%, as investors weighed the stalled US-Iran peace talks against the latest round of corporate earnings and trading updates.As the Strait of Hormuz remains closed, tensions linger between Washington and Tehran, with no signs of further talks on the horizon. US President Donald Trump said he is willing to wait for an "everlasting" peace deal, even as he authorized the US Navy to fire on mine-laying boats in the embattled waterway.Against this backdrop, the ifo Institute's business climate indicator fell to 84.4 points in April 2026 from the revised 86.3 points earlier, below the consensus estimate of 85.7 points on Investing.com. The latest reading marked the index's lowest level since May 2020, with both the current situation index and expectations indicator falling from a month ago and missing market expectations."The war in the Middle East and soaring energy prices have again exposed the fact that Germany is one of Europe's largest net importers of energy. ... With the war in the Middle East now gradually shifting from a pure energy price shock towards an energy supply and broader supply chain shock, the German economy is once again at the centre of an exogenous, global, disruption," ING said. "All of this said, even if sentiment is suffering enormous setbacks right now and fears of another year of stagnation have returned, it should be clear that the planned investments in defence and infrastructure are still on track and should support the economy this year and beyond. The fiscal impulse is real, it just needs time to reach the real economy."On the corporate front, SAP (SAP.F) gained 4.68%, rising to the top of the blue-chip index, after reporting an increase in first-quarter earnings on robust cloud business performance, with total revenue up 6% year over year to 9.56 billion euros. The German software company maintained its full-year 2026 forecasts, including 23% to 25% cloud revenue growth at constant currencies, while noting the outlook remains contingent on the de-escalation of the Middle East conflict.Meanwhile, BofA Global Research upgraded its price objective and earnings estimates for Siemens Energy (ENR.F) to account for the company's revised fiscal 2026 outlook. The German energy company now projects revenue growth between 14% and 16%, improving upon its previous 11% to 13% estimate, among others."We raise our 2026/27 adj EBITA estimates 8/12% after ENR's guide upgrade yesterday (+10/16% vs consensus) and lift our [free cash flow] estimates 40/11% too (+42/37% vs consensus). As a result, we raise our [price objective] to EUR250 from EUR220. Reiterate Buy," the research firm wrote. Siemens Energy was up 2.64% at the end of the last trading day of the week.

$^DAX$ENR.F$SAP.F
Research

Teck Resources Maintained at Hold at Stifel Canada Following Q1 Results; Price Target Kept at C$80.00

Stifel Canada on Friday reiterated its hold rating on the shares of Teck Resources (TECK-B.TO) and its C$80.00 price target following the miner's first-quarter results."Teck reported strong Q1/26 adjusted FD EPS of $1.75 vs. our $1.02 estimate (consensus: $1.12) and adjusted EBITDA of $2,088Mln vs. our $1,577Mln forecast (consensus: $1,544Mln) driven by higher copper sales with sales exceeding production due to shipment of inventory carried over from Q4/25, higher throughput and grades at HVC, and higher grades at Antamina as expected in the mine plan. Q1/26 also benefited from better performance at Trail (gross profit $257Mln vs. our $153Mln) from elevated silver, gold and specialty metals pricing. With every US$1/Bbl change in WTI impacting EBITDA by $8Mln, we estimate a $280Mln or 5% EBITDA impact at US$100/Bbl in 2026. Teck does not currently see significant risk of fuel supply disruption, though there could be an amplified impact on costs on Chilean operations due to the requirement for diesel imports," analyst Raplh Profiti wrote.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $83.34, Change: $+0.03, Percent Change: +0.04%

$TECK-B.TO