Colombia, Bogota: Colombian brewer Grupo Empresarial Bavaria, which is seeking a big foreign partner, announced on March 29 it foresaw higher earnings in 2005 and would reduce debt over the next two years, according to Reuters. South America's second-largest brewer should report earnings before interest, taxes, depreciation and amortization of more than $800 million in 2005, up from about $797 million in 2004, company President Ricardo Obregon told a shareholders' assembly.

It plans to reduce its debt to $1.7 billion by the end of this year and $1.5 billion by the end of 2006 from $1.9 billion in December, Obregon said. The company, which dominates beer markets in Colombia, Ecuador, Peru and Panama, plans to invest $192 million this year.

Bavaria shares have jumped about 44 percent this year on persistent reports from analysts and industry sources that the world's top four brewers -- InBev, Anheuser-Busch Cos. Inc., SABMiller Plc and Heineken -- were all looking at buying the company.

But Bavaria says it has received no offers and that its controlling shareholders from Colombia's Santo Domingo family do not want a straight sale and are instead looking at a share swap that would give them a stake in a world-class partner.

Taking a share in Bavaria would be the only way for a rival to challenge InBev, the world's largest brewer, in the promising South American market, analysts say.

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