22 November, 2002

The Venezuelan company, Cisneros Group has declared that it has acquired a further 4,828,609 shares in the Peruvian brewer, Backus & Johnston (Backus), from minority shareholders for $77.26m. Cisneros said that it had acquired 87.86% of the minority shares it was seeking to buy. "We continue to be very enthusiastic about our interests in Backus & Johnston," said Cisneros spokesperson, Susan Ainsworth.

The Peruvian market regulator, Conasev, is currently investigating allegations, made by the Venezuelan brewer, Polar, which has also acquired a stake in Backus, that Cisneros has colluded with the Colombian brewer, Bavaria, in a bid to take control of Backus without triggering a full public offer.

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