By Owain Johnson

Venezuelan brewing giant Empresas Polar has written to Peruvian regulators requesting that they prevent Colombia's Bavaria from increasing its stake in local brewer Backus & Johnston.

Both Polar and Bavaria hold stakes in Backus and the Venezuelan company is concerned Bavaria's decision to increase its take could be the prelude to a takeover bid for the Peruvian brewer.

Polar had asked regulators to investigate Bavaria's planned share purchase on July 11, but the regulators approved the transaction just 24 hours later.
Polar complained their submission had not been taken seriously and has asked the regulator to reconsider.

"We are asking them to be very alert and prevent other transactions that could clearly end up damaging the interests of the company's other shareholders," a Polar company statement read.

Bavaria has replied to Polar's complaints by emphasising that it has no interest in a takeover of Backus or even of influencing the day-to-day running of the company.

"As a minority shareholder, Bavaria will place all the resources of our group at the disposal of the management of Backus & Johnston in order to create as much added value as possible in the future," Santo Domingo said.