Brava Energia (BRAV3.SA): CVM Board review could unlock OPA‘s next steps

Research evidence excerpt

Brava Energia (BRAV3.SA): CVM Board review could unlock OPA‘s next steps

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08 Jul 2026 10:27:53 ET │ 10 pages

Brava Energia (BRAV3.SA)

CVM Board review could unlock OPA's next steps

CITI'S TAKE

Buy Ecopetrol's appeal has now been formally referred to the CVM Board,

according to Brava material fact, and we expect the case to be reviewed Price (07 Jul 26 18:00) R$18.87

on July 14, which is the date of the upcoming meeting of the Board. The Target price R$25.00

Board's decision should provide clarity on key outstanding issues that Expected share price return 32.5%

have delayed the tender offer: 1) the offer price; 2) the equal treatment of Expected dividend yield 0.0%

minority shareholders relative to the controlling shareholder group; and 3) Expected total return 32.5%

the proposed execution of the private share purchase agreement (SPA)

Market Cap R$8,766M after completion of the offer/OPA (Public Offer of Shares). Separately,

US$1,696M local media reports (Veja, 07/07/2026) suggest Ecopetrol may have

increased the offer price to R$24/share although this has not been

confirmed either by EC or Brava.

Gabriel BarraAC

In our view, the CVM Board is likely to focus on three key aspects of the transaction. +55-11-4009-2223

First, whether the proposed offer price adequately reflects the requirements gabriel.barra@citi.com

established under Brazilian securities regulation. Second, whether minority Pedro Gama

shareholders are being granted economic treatment equivalent to that offered to the +55-21-4009-0431

controlling shareholder group, a point that has been central to the technical staff's pedro.gama@citi.com

analysis. Third, the Board will likely evaluate the transaction structure proposed by

Andrés Cardona