Review №8 of Brazilian Antitrust News from the Experts of the BRICS Competition Centre
- Canadian AGI is planning vertical integration in Brazil
- Regulator authorized TIM and Telefônica to share networks
- Standard Chartered Bank, Credit Suisse, and other global financial institutions have agreed to cooperate with CADE
- Econometrics has once again demonstrated the importance of antitrust policy
- CADE and Anatel sign cooperation agreement
- The E-Notifica system for automatic merger notifications receives an international award
- Novonor plans to exit Braskem to reduce its debt burden
- Petrobras wins concession for port terminal in Rio
- Pfizer outbids Novo Nordisk to acquire Metsera for $10 billion
- Ericsson divests its venture to a Brazilian company
- MBRF breaks records
- AGEO announces agreement to operate port terminal in Amazonas
Canadian AGI is planning vertical integration in Brazil
Canadian AG Growth International (AGI), a competitor of Kepler Weber, has acquired a 60% stake in AC Grãos, a company from Mato Grosso specializing in the operation of grain elevators and receiving points. And although the deal is still awaiting approval from CADE, it already represents AGI's first step towards vertical integration of its operations in Brazil. AGI is thus combining its own production of grain handling equipment with the direct management of storage facilities. As a result of the deal, the company will add two storage facilities in Mato Grosso – Brazil's largest agricultural state. The local group BWP – the founder of AC Grãos – will retain a minority stake of 40%.
AGI is transforming from a simple supplier of capital goods into a platform capable of designing, installing, and operating grain storage facilities, which is expected to increase its margins and revenue. The company aims to grow through the Brazilian market: in 2024, AGI, together with the Brazilian development bank BNDES, financed the construction of $47 million worth of grain storage facilities for agricultural producers, focusing on regions with a storage deficit – the North and Northeast.
Source: InvestNews
Regulator authorized TIM and Telefônica to share networks
CADE approved the expansion of the Radio Access Network (RAN) sharing agreements between TIM and Telefônica, covering 2G, 3G, and 4G technologies. Initially, the regulator had expressed concerns about the competitive risks of this deal due to its broad scope. As a result, a Merger Control Agreement (ACC) was signed, which established restrictive obligations.
In particular, the parties were subjected to obligations to reduce the deal's geographic scope and a set of behavioral measures to ensure transparency and balanced network sharing. Key obligations also include publishing a full list of the affected municipalities and guaranteeing the maintenance of current 3G and 4G coverage and service quality standards.
Source: CADE
Standard Chartered Bank, Credit Suisse, and other global financial institutions have agreed to cooperate with CADE
The Brazilian antitrust authority has approved seven new Cease and Consent Agreements (TCCs) in the case of manipulating exchange rates and spreads in the offshore currency market. The investigation, initiated in 2015 against a number of international financial institutions, concerned the coordination of trading strategies in Brazilian currency operations between 2007 and 2013. To date, the total amount of fines collected by the regulator in this case has exceeded $58 million.
The parties that signed the new TCCs include major financial institutions such as Nomura International, Standard Chartered Bank, Credit Suisse, and MUFG Bank, as well as two individuals – former employees of the organizations. According to the investigation, the collusion was carried out by exchanging confidential information in private chats on the Bloomberg platform. The parties signing the TCCs admitted their involvement, agreed to cease the anticompetitive practices, and paid fines, which temporarily suspends the legal proceedings against them.
Source: CADE
Econometrics has once again demonstrated the importance of antitrust policy
The working paper "Estimating Price Overcharges in Cartels: The Experience of the Brazilian Cement Industry," developed by CADE's Department of Economic Studies, has been published. The main objective of the research was to quantitatively measure the price overcharge caused by the activities of a cement cartel in Brazil from 1994 to 2007.
Using the Difference-in-Differences econometric method, experts found that cement prices decreased by an average of 2% nationwide after the intervention by the competent authorities and the execution of search and seizure warrants at company offices in February 2007. This price decrease led to significant savings for consumers of approximately $2.2 billion between 2007 and 2022, highlighting the effectiveness of antitrust policy in mitigating the effects of cartel activities and enhancing public welfare.
Source: CADE
CADE and Anatel sign cooperation agreement
The Brazilian antitrust regulator and the National Telecommunications Agency (Anatel) have signed a Technical Cooperation Agreement (ACT) valid for five years. The agreement aims to enhance coordination between the regulatory bodies in preventing and suppressing violations of the economic order, particularly in the telecommunications sector and on digital markets.
The ACT provides for the exchange of information, research results, and methodologies, as well as the joint conduct of employee training and monitoring activities. Gustavo Augusto, President of CADE, emphasized that this partnership is crucial for expanding the investigative capacity of the antitrust authority in rapidly evolving markets.
Source: CADE
The E-Notifica system for automatic merger notifications receives an international award
The E-Notifica system, developed by CADE, was recognized at the ICN Merger Workshop 2025 – an international event dedicated to the analysis of mergers. The tool was presented as an example of best practices in managing merger and acquisition data and received an award from the organizers.
E-Notifica is a digital platform that automates the notification procedure for less significant merger acts, allowing the relevant forms to be submitted entirely electronically. The system is integrated with the internal databases of CADE and other government agencies.
Source: CADE
Novonor plans to exit Braskem to reduce its debt burden
Novonor (formerly Odebrecht S.A.) is close to reaching an agreement with its creditors to sell its controlling stake in Braskem to a fund managed by IG4 Capital. If the deal is successful, IG4 will share control of Braskem with the current controlling shareholder, the state-owned oil and gas company Petrobras. Novonor's stake in Braskem serves as collateral for overdue loans. Currently, Novonor's total debt reaches $7.5 billion – the shares in Braskem account for about half of this amount.
Novonor is reportedly close to an agreement to retain about 4% of Braskem's shares, despite an initial request for 5%. The change in Braskem's leadership is expected to increase banks' interest in capitalizing the company, which is in need of liquidity. Furthermore, Braskem recently announced an agreement with the government of the state of Alagoas to pay $225 million to settle an environmental dispute related to the collapse of a salt mine in Maceió, which led to the forced displacement of about 50,000 people.
Source: InvestNews
Petrobras wins concession for port terminal in Rio
Petrobras has won the concession for the RDJ07 port terminal in the port of Rio de Janeiro with a bid of $19.5 million. The RDJ07 is intended for offshore logistics support for oil and natural gas exploration and production operations. The concession term is 25 years, with the possibility of extension up to 70 years. The only competitor for Petrobras was Sul Real GMBL.
Expected investments in RDJ07 amount to $18.7 million and will be directed towards modernizing the infrastructure, including the acquisition of six cranes and other large-scale equipment, as well as the construction of a new warehouse. As part of the same auction block, the Britto-Macelog II consortium won the concession for the TMP Maceió tourist terminal in the state of Alagoas for $9.4 thousand. The total investment envisaged for both projects is approximately $230 million.
Source: Istoé Dinheiro
Pfizer outbids Novo Nordisk to acquire Metsera for $10 billion
US pharmaceutical company Pfizer has closed the deal to acquire obesity drug manufacturer Metsera for $10 billion, winning the battle against Denmark's Novo Nordisk. Subsequently, Metsera accepted Pfizer's improved offer. The deal gives Pfizer entry into the lucrative obesity drug market. The company had previously faced some setbacks in its own weight-loss drug development.
Metsera cited "unacceptably high legal and regulatory risks" of a deal with Novo Nordisk in the United States. The US Federal Trade Commission was leaning towards the same opinion. As a result, Novo Nordisk, despite being convinced that its proposal complied with antitrust laws, announced its withdrawal from the negotiations.
Source: InvestNews
Ericsson divests its venture to a Brazilian company
CADE's General Superintendence has approved without restrictions the acquisition by Open Labs of the 51% stake in Ericsson Inovação S.A. (EISA) previously held by Ericsson Telecomunicações. Prior to this, EISA was a joint venture between Ericsson (51%) and Open Labs (49%). As a result of the transaction, Open Labs, the Brazilian subsidiary of Portugal's Altice Labs, gained full control of EISA. Currently, the venture provides IT services exclusively to a single client – Telefônica Vivo.
The purchase was made after Ericsson made a strategic decision to exit EISA and focus on other priorities. The regulator reviewed the deal under a fast-track procedure, classifying it as a "consolidation of existing control" that does not create additional horizontal or vertical overlaps and has no significant impact on competition in the IT consulting sector.
Source: Tele.Síntese
MBRF breaks records
MBRF, one of the world's largest producers of beef and chicken, formed in September 2025 through the merger of Brazilian food giants Marfrig and BRF, has published its financial results for the third quarter of 2025. The company reported net revenue of $7.8 billion and the highest consolidated EBITDA of the year at $650 million (an increase of 15.3%). It achieved the highest historical volume of own sales (previously the sum of Marfrig and BRF sales). Experts note that the strong performance is partly due to the diversification of its processed product portfolio.
The company is expanding its global presence: MBRF announced the creation of Sadia Halal for the production of halal chicken in partnership with Halal Products Development Company (HPDC) – a subsidiary of Saudi Arabia's sovereign wealth fund (PIF). The company is also investing in expanding capacity in the UAE and building a new plant in Jeddah to increase local production in Saudi Arabia.
Source: Fusões & Aquisições
AGEO announces agreement to operate port terminal in Amazonas
The EBT Group, which controls the company Terminais AGEO, has announced the signing of a binding agreement with the Simões Group for the joint operation of the Novo Remanso Port Terminal (TPNR) in Itacoatiara, Amazonas. This deal marks the strategic entry of Grupo EBT into its first logistics corridor in the North of the country - the Madeira-Amazonas Corridor. As part of the partnership, Grupo Simões will acquire a 20% stake in Grupo EBT, becoming a strategic partner, while management and operational leadership will remain with Grupo EBT. The deal is pending approval from CADE.
The TPNR terminal, in turn, includes the Terminal de Granéis Sólidos Agrícolas (TGSA), the only operational TPNR terminal, designed for handling agricultural commodities such as soybeans, corn, and bran. The logistical efficiency of TGSA is considered one of the highest in the country: products are delivered from the state of Mato Grosso to the city of Porto Velho (state of Rondônia), and then transported by barge along the Madeira and Amazon rivers to the terminal, from where the grain is loaded onto ships and exported via the Atlantic Ocean. The deal will strengthen the position of Terminais AGEO, the leader in bulk handling at the port of Santos (São Paulo), in the national market.
Source: Fusões & Aquisições
