The Argentine government approved, with conditions, on January 13, the sale of a 37.5 percent stake in Quinsa, which controls Argentina's No. 1 beer maker, to Brazil's AmBev, according to Reuters.

"Final authorization of the operation by the Argentine state is conditioned on a series of actions that both companies must fulfill in the next 12 months," the production ministry said in a statement. The roughly $600 million purchase, if it is finally sealed, will create a regional powerhouse. AmBev is the world's No. 4 brewer while Quilmes -- controlled by Quinsa -- is a market leader in Argentina, Bolivia, Paraguay and Uruguay.

As conditions for the sale, the companies must sell certain assets, including some local brands and beer production factories, to third parties. Since being announced in May, the deal has faced multiple legal challenges in several countries from competitors and minority shareholders.