Quinenco, a shareholder of Chile's largest brewer, CCU, is opposing a deal that would see Heineken indirectly take up a stake in CCU.
Quinenco claims it posed a conflict of interest because Heineken was an important player in the Chilean and Argentine beer and soft drinks market. Heineken already markets its brand in Chile through Cerveceria Chile, which is CCU's rival.
Heineken plans to take a 49.9% stake in a joint venture called BrauHolding International. Bayerische BrauHolding, a member of Schoerghuber Corporate Group will hold the remaining stake.
The new venture would own half of Inversiones y Rentas, itself a joint venture, which owns 61.58% of CCU.