February 25, 2019 |
The Colombian government could offload part of Ecopetrol as it looks to raise $7bn from the sale of stakes in state-owned businesses, LatinFinance has heard.
"They are looking to sell 4.5% to 10.5% of Ecopetrol," said an M&A banker in Bogotá. "They want do this as fast as possible, but it will also depend on oil prices, which are not doing that well."
Shares in Ecopetrol closed at COP3,080 ($0.99) on Friday, up 0.65% on the day, but down from a 52-week high of COP4,190 in October last year.
Government could offload up to 10.5% of the state-owned oil company, source says