The future of Bavaria became even harder to predict this weekend when a member of the controlling family said in an interview that it might consider a share-swap with a leading international company if it receives an offer, but will not sell out.

Carlos Alejandro Perez, an acting Bavaria board member and one of the Colombian brewer's top executives, told Sunday's edition of news magazine Semana that Bavaria has still not received an offer despite all the speculation.

Most international brewers have been linked to a bid for the Latin American brewer after it was reported Bavaria was looking at its strategic options.

Perex said: "We aren't looking for the best bidder for our business. Neither (major shareholders) Alejandro (Santo Domingo) nor Julio Mario (Santo Domingo) are interested in getting a few billion dollars deposited in their bank accounts. That's been ruled out.

"We are considering exchanging shares for a stake in another world-class beer company. Which one? That has to be analysed very carefully," he said.

Meanwhile, Alejandro Santo Domingo said: "We only want to be major shareholders (in the prospective multinational partner). That's enough to get a place on the board and be able to play an active role in strategy and company management."