RIO DE JANEIRO, BRAZIL - Colombia's state-controlled Ecopetrol is seeking to acquire state-controlled electricity transmission giant Isa in an aggressive move away from its core oil business.
Ecopetrol presented a non-binding offer for the government's stake in Isa, equivalent to more than 51% of the shares in circulation, the company said this morning.
The value of the proposed transaction was not disclosed. At yesterday's local stock market close, Isa was valued at an estimated at 27.6 trillion Colombian pesos, meaning the majority stake in the company would be worth the equivalent of around US . . .