E-Malt.com News article: 477

The Colombian brewer, Bavaria, seems to win the battle for the Peruvian brewing force, Backus, following its announcement of acquisition the stake in Backus owned by the Venezuelan brewer, Empresas Polar.

According to the company’s announcement made on December 20, Bavaria had paid $567.8m to Empresas Polar for 24.6% stake in Backus. Thus the acquisition increases the Bavaria’s stake in Backus to 49.1%. Having exceeded the 25% threshold, Bavaria confirmed that it would launch an official public offer to minority shareholders for the rest of Backus's shares.

Polar's decision to sell to Bavaria came as something of a surprise as the two companies seemed locked in an acrimonious battle for Backus, which enjoys a virtual monopoly of the beer market in Peru.

The Peruvian market regulator, Conasev, is investigating these allegations and counter-claims that Polar had itself already exceeded the 25% threshold.


30 December, 2002