Brazil CVM Rules for Ecopetrol Unit's Appeal on Tender Offer

Colombian state oil company Ecopetrol S.A. said Brazil's securities regulator, the CVM, ruled in favor of its subsidiary Ecopetrol Investimentos do Brasil in an administrative appeal over a public tender offer. According to 36Kr, the CVM's July 14 board meeting upheld the appeal, ending the suspension previously imposed on the offer. Ecopetrol Investimentos has until July 22 to revise and reissue the offer documents, including setting a new auction date.