SABMiller, the international brewing group, is in the running to buy Bavaria Business Group, South America's second-biggest brewer, in a deal that could be worth up to $6 billion (£3 billion).
Bavaria, based in Colombia and majority-owned by the wealthy Santo Domingo family, is also thought to be in talks with InBev, the brewing giant created by the $11.2 billion merger of Interbrew with Brazil's Ambev. Anheuser-Busch, owner of the Budweiser brand, is also thought to be a possible contender for the business, as is Heineken.