The Latin American brewer AmBev, which recently merged with Interbrew to create InBev, has denied it is in talks with Grupo Empresarial Bavaria about a possible takeover.

Last week it was reported that a race had started for the acquisition of Grupo Empresarial Bavaria. SABMiller was initially tipped as the favourite but a number of other brewers were thought to also be in talks.

In a statement, AmBev said that in view of market rumours about its possible acquisition of Grupo Empresarial Bavaria, the company "announces that it has not engaged in negotiations with the aforementioned company to acquire it."

It is thought Bavaria could fetch anything between US$5 billion and US$9 billion.