EC - Ecopetrol jumps 10% after abandoning plan to issue shares in ISA deal

Ecopetrol (EC) closed at a new 52-week high in today's trading after saying its potential purchase of a 51.4% stake in the Interconexion Electrica utility will not be conditioned to an equity offering.Ecopetrol initially planned to finance the acquisition though a sale of 8.5% of its shares, internal cash flow and new debt; now it says it will seek to close the deal through a credit facility with international banks.The company also says the Colombian government extended until August 31 the exclusivity period for the purchase; the negotiation period had been set to end on June 30.Ecopetrol is "uninvestable" in light of upcoming geopolitical risks, Daniel Thurecht writes in an analysis published recently on Seeking Alpha.

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Ecopetrol jumps 10% after abandoning plan to issue shares in ISA deal