Bloomberg the Company

Bloomberg Anywhere Login


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Follow Us

Industry Products

EEB Falls as Ecopetrol May Sell $486 Million Stake: Bogota Mover

Don't Miss Out —
Follow us on:

July 18 (Bloomberg) -- Empresa de Energia de Bogota SA, the Colombian capital’s power utility, fell the most in 11 months as state-controlled oil producer Ecopetrol SA said it may sell a stake that was worth 915 billion pesos ($486 million) yesterday.

The shares dropped 2.8 percent to 1,410 pesos at 10:14 a.m. in Bogota after tumbling 4.8 percent in the biggest intraday decline since August 2012. EEB was the worst performer on the Colcap index, which gained 0.4 percent. The stock fell for a second day after rallying this week to a two-year high.

Ecopetrol said in a regulatory filing today that its board approved taking steps toward a possible sale of its 6.9 percent stake in EEB. Ecopetrol hasn’t set a date for a sale and doesn’t yet have needed government authorization, according to the filing.

“With both being public companies, there’s a lot of uncertainty over what process the sale would take,” Jaime Pedroza, an analyst at Credicorp Capital’s Colombia unit in Bogota, said in a telephone interview. “It’s a valuable company and there could be a lot of investors interested, but regulations may complicate the sale.”

Ecopetrol wants to focus on its “core” business, a press official said in an e-mailed response to questions. Its shares advanced 0.5 percent to 4,255 pesos.

To contact the reporter on this story: Christine Jenkins in Bogota at

To contact the editor responsible for this story: David Papadopoulos at