Colombia's state-run oil company Ecopetrol SA (BVC: ECOPETROL; NYSE: EC) has announced that the Brazilian Securities Commission has issued a favorable ruling on the administrative appeal filed by its controlling subsidiary, Ecopetrol Investimentos do Brasil, regarding a public tender offer.

The CVM held a full board meeting on July 14, ruling in favor of Ecopetrol Investimentos's appeal. According to an official communication, the previously imposed suspension on the tender offer is now void, and the CVM has granted Ecopetrol Investimentos a deadline until July 22 to revise and re-release the offer documents, which includes setting a new auction date.

The appeal was initiated after the CVM's technical department raised objections to several terms of the tender offer in early July, leading to its suspension. Public information indicates this offer involves the acquisition of shares in Brazil's Brava Energia, aiming to expand Ecopetrol's strategic investment footprint in Brazil's energy and infrastructure sectors. The Brazilian market is considered a crucial market for Ecopetrol's international expansion, with the company's operations in the country dating back approximately two decades.

In a statement, Ecopetrol indicated it will continue to promptly disclose significant developments related to the transaction to the market.