Brazilian beer giant AmBev has announced it had accomplished a $600 million deal to buy 36.1 percent of the voting rights of top Argentine brewer Quilmes Industrial (Quinsa). The reason of the deal is to widen the company’s reach across the South American market. AmBev, the world's fifth-largest brewer, will now hold a 37.5-percent economic interest in Quinsa.

The news had been expected since AmBev (Companhia de Bebidas das Americas) said in mid-January that it had reached an agreement with Dutch brewer Heineken, which had been trying to block the sale first agreed in May.

The two companies will combine their operations in Argentina, Bolivia, Paraguay, and Uruguay to produce an unrivalled regional brewer. The deal also includes rights for Quinsa's shareholders, Beverage Associates Corp. (BAC), to exchange their Quinsa stock for AmBev shares from April 2003.

04 February, 2003