E-Malt.com News article: 168

Bavaria Bogota to acquire part of Cerveceria Nacional of Panama!



Colombian brewer Bavaria's bid to acquire Panama's Cerveceria Nacional (CN)
is ``very positive'' for the Panama brewery and its shareholders, a senior
executive of CN said on Monday. Bavaria, Colombia's largest private company,
filed a letter of intent in October to acquire at least 55 percent of
Capitales Nacionales, which holds 60 percent of Panama's Cerveceria Nacional
(CN).


While providing a foothold in Central America for the Colombian parent
company, the takeover would also produce 'significant savings' for the
Panama brewery.


'The synergies will be in savings in buying raw materials, such as malt ...
which could be bought from Bavaria's malting plants, lowering production
costs,'.


CN, whose top Atlas and Balboa brands account for some 72 percent of
Panama's beer market, currently buys malt from European producers, incurring
higher transport costs.


14 November, 2001