20 July, 2005

Colombia: Bavaria shares fall 16.5 percent after merger news

Shares of Colombian brewer Bavaria fell 16.5 percent at Tuesday's open following news that the company will be acquired by SABMiller Plc at a price below Monday's close. Bavaria shares closed on Monday at 49,100 pesos and fell to 41,000 at Tuesday's open.

The shares have almost doubled in price this year on bid speculation. "There is total unhappiness" among holders with the price offered, one Bogota-based stock trader said.

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