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SABMiller yesterday won its fight to buy Bavaria, a Colombian- based brewer regarded as the last major prize in the global beer industry's pursuit of growth in South America.
SAB's shares moved sharply higher as investors applauded an apparent bargain price of $7.8bn (pounds 4.45bn), almost $1bn below some City estimates of Bavaria's value.
Dutch group Heineken was the other remaining bidder for a business that dominates the beer markets in its home country and Peru, Ecuador and Panama.
Such countries, with relatively youthful populations, are prime targets for most of the world's big brewers as they try to combat intense price competition in western markets and a gradual switch by wealthier drinkers to wine and spirits.
SAB's bid values Bavaria at $7.8bn, but the London-listed firm's promotion of its long-term prospects appeared to be a crucial factor in securing the deal.