View all newsletters
Receive our newsletter – data, insights and analysis delivered to you
  1. News
April 3, 2003

PERU: Bavaria aiming to buy 2.7m shares in Backus

The Colombian brewer, Bavaria, has said it is planning to buy up to 2.73m class "A" common shares in the Peruvian brewer, Backus, at US$27 each.

The Colombian brewer, Bavaria, has said it is planning to buy up to 2.73m class “A” common shares in the Peruvian brewer, Backus, at US$27 each.

The company currently controls 59.53% of the company. The bid for the shares had originally been expected to take place in March but was postponed while the exact method of undertaking the purchase was determined. At this stage, it is not clear what percentage of the total capital in Backus the 2.73m shares represents.

A bid from Bavaria should represent the final chapter in the battle for Backus which was waged between Bavaria and two Venezuelan companies, the diversified media group, Cisneros, and the brewer Polar, last year.

Bavaria eventually prevailed when it acquired Polar’s 24.6% participation in December 2002. Cisneros is still thought to control 22.3% of Backus, while the Peruvian company, Bentin, has 15%. The remaining shares are owned by small investors.

Related Companies

Topics in this article:
NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Monday. The industry's most comprehensive news and information delivered every quarter.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Just Drinks