SABMiller to take full control of Peru’s Backus


Brewing giant SABMiller said that it plans to spend around $478 million buying the rest of the shares it does not already own in Backus, Peru’s biggest beverage producer.
The brewer of Miller Lite, Castle and Peroni beers already owns a 79.7 percent stake in Backus after its purchase this month of a majority stake in South America’s second-biggest brewer, Bavaria S.A.
Cheswick Comercial SA, which holds around 20 percent of Backus shares, has agreed to sell SABMiller its interest, the company said in a statement.
SABMiller said it would offer to buy the outstanding shares at a cash price of $25.34 from Wednesday on the Lima Stock Exchange in a tender that would last for at least 10 trading days.
The London-based group and the U.S. No. 2 brewer Miller, which it bought in 2002, said the cash needed to buy the rest of the stock was expected to be around $478 million.