The Colombian brewing group, Bavaria, has asked the Panamanian antimonopoly commission to review its decision blocking the company's purchase of Panama's second largest brewing concern, Baru. The commission will make a second ruling on the deal by mid-July.

Bavaria was told by the commission in May that it would not be allowed to buy Baru as the acquisition would "diminish, restrict, damage and impede" competition in the beer market. Bavaria acquired a 92% stake in the country's largest brewer, Cerveceria Nacional, last year. Nacional already controls around 72% of the market, and the Bavaria acquisition would give Bavaria a market share in the region of 96%.

In its request for a review of the decision, Bavaria, Latin America's fourth largest brewing group, has made undertakings not to raise beer prices. Precise financial details of the proposed Baru acquisition were not published but analysts believe Bavaria was set to pay around $80m for a 90% stake in the brewer.