The Cisneros Group said last week that it would be paying $200m for options to buy 16% of Backus’ “A” shares. Shortly after, it launched a bid for a further 7.32% of Backus which would keep its participation under the 25% limit which would automatically force a full public offer for the company on the Lima Stock Exchange.
PERU: Polar in bid to block Cisneros
The Venezuelan brewer, Empresas Polar SA, has filed an injunction with the Peruvian market regulator, Conasev, seeking to block the Venezuelan media company, Cisneros Group, from increasing its holding in the Peruvian beer producer, Union de Cervecerias Peruanas Backus & Johnston, known as Backus, in which Polar holds a 22.1% stake.