Brava Energia (BRAV3) reported on Friday, July 24, 2026, that its Board of Directors approved a reasoned opinion on the Tender Offer for the Acquisition of Shares to obtain control of the company, launched by Ecopetrol Investimentos do Brasil Ltda., a wholly owned subsidiary of Ecopetrol S.A. In the opinion, the board issues a favorable recommendation for shareholders to accept the offer, subject to the considerations, grounds, and reservations set out in the document.
The Board of Directors emphasized that the final decision on whether or not to accept the offer lies exclusively with each shareholder and recommended a full reading of the offer notice, the opinion, and the other documents, as well as conducting their own assessments of the financial, legal, tax, and foreign-exchange implications of acceptance or rejection, with the support of professionals and specialists, if necessary.
The minutes of the Board of Directors’ meeting, containing the full text of the opinion, are available on the websites of the CVM, B3, and Brava Energia’s Investor Relations. The company stated that it will keep investors and the market informed of any new developments related to the offer.
