COLOMBIA: Bavaria shares soar on takeover talk
Shares in Bavaria were suspended twice yesterday after the limit up rule was triggered. The share movement follows recent speculation that the Colombian brewer may be a takeover target.
Bavaria's shares were halted for 30 minutes early in the trading session. Twenty minutes after trading was resumed, it was halted again as the stock price continued to leap. Local bourse rules stipulate that after two suspensions trading on the stock is postponed until the next day. When trading halted yesterday, Bavaria was up by 18% on Friday's closing mark.
Recent reports have suggested that SABMiller, Heineken and InBev have had talks with Bavaria regarding takeover. The brewer has denied the reports and has said that it is actually in acquisition mode with no plans to sell.
New media reports in Colombia said that officials from Heineken and Scottish & Newcastle are currently in the country visiting Bavaria's plants.
Sectors: Beer & cider
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