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COLOMBIA: SABMiller fishes for remaining Bavaria shares

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SABMiller is looking to buy up the last remaining shares in its Colombian unit, Bavaria.

In a press advert yesterday (24 September), the brewer said it will launch a public tender offer for the outstanding 1.35% between 1 October and 12 October. The stake will cost SABMiller around US$94m, breaking down to COP57,150 ($28.25) per share, a spokesperson for SABMiller confirmed today.

In October 2005, SABMiller completed the purchase of 98.65% of Bavaria at a cost of around $9bn, equal to COP46,146 per share.

"Our offer is slightly ahead of the market rise due to increased expectations for business performance and a slight decline in perceived investing risk in Colombia," a separate spokesperson told Dow Jones.

Earlier this year, shareholders in Bavaria voted in favour of delisting the brewer - a move which will occur once the last remaining shares are bought.


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