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UPDATE 2-Colombia says will sell up to 10 pct of Ecopetrol

Tue Aug 14, 2007 10:40pm EDT

(Adds context, analyst quote)

Mergers & Acquisitions  |  IPOs

BOGOTA, Aug 14 (Reuters) - Colombia will sell up to 10 percent of state oil company Ecopetrol to Colombian retail investors for 1,400 pesos ($0.70) per share on Aug. 27, the government said on Tuesday.

Mining and Energy Minister Hernan Martinez told reporters that the company is worth $25.53 billion.

"A sale of this size will be the biggest in the history of Colombia," said Alvaro Camaro, a vice president at Bogota brokerage Stanford Bolsa y Banca.

Second and third round sales targeting Colombian institutional investors and international investors will be held later. Through the three separate offers, the government plans to sell 20 percent of the company.

All proceeds from the deal will be invested in Ecopetrol, Martinez said.

Ecopetrol has selected JP Morgan and Credit Suisse to lead the deal.

Mergers & Acquisitions
IPOs


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