Reports yesterday suggested that the sale of HVB Group's stake in German brewer Brau und Brunnen AG is not imminent, contrary to a weekend magazine report.

HVB currently owns a 56% stake in the brewery conglomerate. According to German magazine Focus, One Equity Partners is set to buy HVB's stake.

The magazine report revealed that One Equity will buy the stake with a strategic partner, thought to be Anheuser-Busch. The report did not cite any sources.

A banking industry source told Dow Jones yesterday that the race is not yet over. "Negotiations can still be expected to last several weeks," said Dow Jones' source.

An HVB spokesman would not comment on the report, but confirmed that the bank will try to sell its stake by the end of 2003.