Speculation is growing that a bid for Empresarial Bavaria could come in the next two weeks. Citing a person familiar with the situation, Dow Jones reported yesterday (15 June) that there is a deadline to present offers for the Colombian brewer. The news agency did not say when this deadline is, however.

Although Bavaria has said it is not up for sale, but would consider a merger, reports over the last few months have linked SABMiller, Heineken, Scottish & Newcastle and InBev with making a bid for the brewer.

SABMiller is widely thought to be the front runner. InBev distanced itself from talk of a bid late last week, while shares in S&N rose last month on talk that it was pulling out of the race.

A bidding war could push the price of the Colombian brewer as high as US$9bn, analysts estimate.