Colombia: SABMiller seals its ownership of Bavaria beverage company

A unit of London-based brewer SABMiller Plc said on May 09 it will offer to buy remaining shares of Colombian beverage company Bavaria between May 10 and May 20, sealing its ownership of the firm, Reuters informed on May 09.

SABMiller bought 97 percent of Bavaria last year for about $9 billion in a stock-and-cash deal, including debt and interests in subsidiaries, which it said created the world's second-largest brewer by volume.

SABMiller subsidiary Racetrack Colombia LLC said it will offer 44,089.73 pesos per share for the remaining 3 percent of Bavaria. That is under the 44,398.81 pesos per share paid by SABMiller when it bought most of the company in December.

The difference in price reflects payments of dividends, said a statement issued by Delaware-based Racetrack.

Bavaria shares were trading at 44,080 pesos late Tuesday morning.

"Those who accept this offer can present themselves between May 10 and May 20 at any office of Santander Bank," Racetrack said.