Panama's leading brewer has become the latest company to enter the consolidation process taking grip in South and Central America.

It was announced yesterday that Columbian giant Bavaria has purchased a 91.5% stake in the Panamanian brewer Cerveceria Nacional.

The financial terms of the deal have not been disclosed but the spokeswoman for Bavaria did confirm that Bavaria had been willing to pay US$312m for a 100% stake. This would value the 91.5% stake at US$285m.

It has been known since November that Bavaria was interested in Cerveceria, which holds a 72% market share in its domestic market. Cerveceria has annual sales of US$140m.

It was also reported last month that Bavaria was interested in acquiring Panama's number two brewer Cerveceria del Baru, which would give it a monopoly in the country.