Grupo Modelo, the Mexican beer maker, announced late last week that it intends to list its shares on the Madrid and New York stock exchanges.

In a press release, the company said: "Grupo Modelo is making headway in its negotiations with Bank of New York in the United States and with Banco Santander Central Hispano to join Latibex in the Spanish market."

The beer maker, Mexico's largest, plans to list series C shares on both markets, which represents 20% of the company's share capital and are listed on the Mexican stock exchange.

Grupo Modelo, the maker of Corona beer, posted net profits of $435m between January and September this year.