COLOMBIA: Bavaria to bid for a further 25% in Ecuadorean brewer
The Colombian brewer Bavaria is making efforts to increase its stake in the Latin American beer market by offering US$152m to buy up to an additional 25% of the Ecuadorean brewer, Compania de Cervezas Nacionales.
Bavaria already controls 67.5% of the brewer. And, with its 72.5% Cerveceria Andina SA, another Ecuadorean brewer, it controls close to 92% of Ecuador's beer market.
Bavaria also announced a $225m plan to build a new plant in the Colombian city of Cali, modernize another plant in Bucaramanga and expand output at its domestic Aguila and Union units.
The drive is part of a US$1 billion investment the company plans to spendover coming years to expand in the region.
"We inform you that Bavaria SA's board has authorised its legal representative to prepare an offer to acquire up to 25% of the shares in Cervezas Nacionales CA for an amount up to $152 million," said Bavaria's president Ricardo Obregon in a statement.
Companies: Grupo Empresarial Bavaria
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