04 April, 2003

Colombian brewer Bavaria aims to buy up to 2.73 million class "A" common shares in Peruvian beer producer Backus at $27 each, a Bavaria company official reported in a statement. Bavaria holds 59.53% of Backus' common shares, which last traded on March 31 at 92.5 soles ($26.66).

The bid for the class A shares had been scheduled for March but was postponed while the exact procedure was determined.

It was not immediately clear exactly what percentage of Backus's stock was represented by the 2.73 million shares.

Interest in Backus triggered a shareholder row last year involving Bavaria, and two Venezuelan firms, Cisneros Group and Empresas Polar. That battle was settled in December 2002 when Polar sold its 24.6 percent stake to Bavaria, which is a partner of Cisneros in a Colombian television station, for some $568 million.

Cisneros holds 22.3 percent of Backus. Peru's Bentin group holds 15% and the rest belongs to small shareholders.
Backus, worth an estimated $1.5 billion, reported an 83 percent jump in 2002 earnings to $62.3 million from 2001. ($US1 = 3.47 soles)

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