Review №6 of Brazilian Antitrust News from the Experts of the BRICS Competition Centre
- CADE opens case against the "Soy Moratorium"
- Approval granted for the joint port terminal of Ultragaz and Supergasbras
- Cartel collusion uncovered in public procurement in the Northeast
- Medical cooperative in Espírito Santo reaches agreement with regulator
- Case against Google demonstrates the need for a new methodology in assessing digital ecosystems
- To maintain access to the U.S. market, Brazilian companies are entering the Argentine market
- Giants Amaggi and Inpasa sign strategic deal in the corn processing market
- The Brazilian health insurance and services market continues its consolidation trend
- Regulator identifies gun jumping incidents in oil & gas and retail sectors
- CADE publishes new guidelines
- Northeast healthcare market under CADE scrutiny again
- Innovative collagen production methods may return to Brazil after a pause
- The long-awaited Santos-Guarujá tunnel will be built by a Portuguese company
- Amazon aims to compete with iFood
- Goldman Sachs views Brazil's investment attractiveness positively
CADE opens case against the "Soy Moratorium"
On August 18, the General Superintendence of CADE initiated an administrative proceeding against companies participating in the Soy Working Group (GTS). The investigation, launched by the Chamber of Deputies, concerns possible anticompetitive practices related to the "Soy Moratorium," which prohibits the purchase of soy from lands deforested in the Amazon biome after 2008.
As a preventive measure, CADE has prohibited the companies participating in the moratorium from collecting or exchanging commercial information. Non-compliance with these measures may result in fines ranging from $10,000 to $375 million, or from 0.1% to 20% of the gross revenue of the companies involved in the alleged violations.
Source: CADE
Approval granted for the joint port terminal of Ultragaz and Supergasbras
Brazil's antitrust regulator has approved the establishment of a new joint port terminal between Ultragaz and Supergasbras. The port terminal will operate within an industrial complex in Pecém, Ceará, and will be responsible for transporting liquefied petroleum gas (LPG). The unrestricted approval of the deal was challenged by a third interested party, Queiroz Participações S.A., due to concerns about market foreclosure and risks associated with exclusive contracts and a lack of tools for effective regulation and monitoring.
However, after additional analysis, CADE's president and rapporteur, Gustavo Augusto, confirmed the approval of the deal without restrictions. The approved commitments by the applicants aim to minimize anticompetitive risks, including ensuring third-party access to the terminal and non-discriminatory treatment for all LPG operators.
Source: CADE
Cartel collusion uncovered in public procurement in the Northeast
At the end of August, CADE fined 5 legal entities and 6 individuals for violations in the organization of public tenders for engineering and construction works commissioned by prefectures, municipalities, and regional authorities of the northeastern state of Rio Grande do Norte between 2005 and 2012. The total fines amounted to nearly $375,000.
The defendants in the case were Comercial Gurgel, FA Construções, F&A Construções e Empreendimentos, Seconh, and Terramaq.
The investigation revealed that the colluding parties allocated tender slots among themselves and manipulated cost estimates for the projects. They also submitted fake bids in regional competitions and exchanged sensitive information.
Source: CADE
Medical cooperative in Espírito Santo reaches agreement with regulator
Brazil's antitrust authority has signed a Cease and Desist Agreement (Termo de Compromisso de Cessação, TCC) with the Cooperative of Anesthesiologists of the State of Espírito Santo (Coopanest/ES), accused of violating free competition conditions in the specialized medical services market.
It is alleged that Coopanest/ES acted in concert with other cooperatives and the Federation of Medical Specialists' Cooperatives (Febracem). They are all charged with standardizing contracts, engaging in blackmail through service suspensions and boycotts, as well as wrongful denial of service provision.
Coopanest/ES will pay a $1.7 million fine, commits to ceasing the implemented anticompetitive practices, and will adhere to a compliance program featuring periodic training, the study of best practices, and handling of inquiries and complaints.
Source: CADE
Case against Google demonstrates the need for a new methodology in assessing digital ecosystems
CADE has decided to expand the methodological and analytical basis for the investigation of the Google case in Brazil. To this end, the authority has opened a call until September 29 for technical, analytical, and other works and materials that can be submitted by representatives of various civil institutions—associations, unions, public organizations—and other interested parties to assist in the additional assessment of anticompetitive risks related to Google's activities in the national markets for search and news services.
The case against Google was initiated in 2019. It investigates the improper use of third-party journalistic content on Google Search and Google News platforms, which may have led to the disruption of natural traffic to news agencies and affected competition in this market segment.
This initiative once again confirms that for the successful regulation of digital markets, regulators need to update their methodology for assessing market power in digital ecosystems.
Source: CADE
To maintain access to the U.S. market, Brazilian companies are entering the Argentine market
In 2025, Argentina became a new hub for Brazilian and Chinese companies focused on mergers and acquisitions (M&A). This trend was driven by both the market reforms of Argentine President Javier Milei and the protectionist policies of the United States.
Inorganic growth through the Argentine market has become a way for Brazilian and Chinese companies to bypass high U.S. tariffs. Argentina operates under the Incentive Regime for Major Investments (Regime de Incentivos a Grandes Investimentos, RIGI), which offers tax and customs benefits, as well as foreign exchange advantages for a period of 30 years for projects valued over $200 million.
Source: Fusões & Aquisições
Giants Amaggi and Inpasa sign strategic deal in the corn processing market
Major Brazilian food company Amaggi and Paraguayan corn ethanol processor Inpasa have announced the creation of a joint venture to build and operate at least five plants in Brazil.
The first investment of $470 million is expected to be allocated to production facilities in Rondonópolis, Mato Grosso. A similar amount is planned separately for the construction of other plants, each capable of processing approximately 2 million tons of corn per year.
At least three plants are planned to be built in Mato Grosso, while the other two may be located in the states of Tocantins, Goiás, or São Paulo. The facilities in Mato Grosso will be located near Brazil's second-largest corn ethanol producer, FS.
Source: Fusões & Aquisições
The Brazilian health insurance and services market continues its consolidation trend
Care Plus – the only foreign-origin healthcare operator in Brazil – has announced plans to expand through acquisitions to achieve vertical integration and establish itself as a leader in the promising home healthcare market. Care Plus is controlled by the British giant Bupa.
The statement was made against the backdrop of growing demand for home-based healthcare services in Brazil. One of the catalysts for the segment's growth is considered to be the 2020 coronavirus pandemic. This growth is also accompanied by a consolidation trend, driven, for example, by the creation of holdings such as Plural Care, which emerged from an agreement between Domicile, Homedical, and Crescera Capital.
Source: Fusões & Aquisições
Regulator identifies gun jumping incidents in oil & gas and retail sectors
In early September, CADE concluded three agreements to prevent gun jumping practices, which refer to the implementation of a concentration deal before obtaining approval from the antitrust regulator. In total, the companies will pay approximately $300,000 in fines.
Two agreements involve Mitsui & Co, Mitsui O.S.K. Lines, Marine Projects Investment, Modec Holdings Netherlands, and their operations in the oil sector. Specifically, the share transactions in Marlim1 MV33 B.V., responsible for installing an offshore platform at the Marlim oil field near Rio de Janeiro, and in Búzios5 MV32 B.V., responsible for operating the FPSO Almirante Barroso production facility at the same location, took place between 2019 and 2020, but the regulator was only notified in 2024.
The third agreement concerns the acquisition of assets of Cia. Paraná de Alimentos S.A. (Paraná Supermercados) by the agribusiness cooperative Copagril (Cooperativa Agroindustrial Copagril). The transaction was executed in 2023, but the regulator received the corresponding notification only this year.
Source: CADE
CADE publishes new guidelines
On September 3, the regulator released the new Guide to the Antitrust Leniency Program (Guia do Programa de Leniência Antitruste). The document outlines the procedures for organizations under investigation to cooperate with the antitrust authority.
The main innovation is the expansion of the list of practices that can be subject to a cooperation agreement with the authority. From now on, not only organizations accused of traditional cartel collusion can cooperate with CADE, but also those accused of wage-fixing (collusion to control salaries), no-poach agreements (agreements to refrain from competing for employees), the creation of purchasing cartels, and the exchange of sensitive information.
The document also provides greater clarity on the criteria applicable to partial leniency, ensuring alignment with the policy of Cease and Desist Agreements (TCC).
Source: CADE
Northeast healthcare market under CADE scrutiny again
In early September, the regulator signed three Cease and Desist Agreements (TCC) with cooperatives from the state of Bahia. The Cooperative of Oncological Surgeons (Cooperativa de Cirurgiões Oncológicos, Cooperonco), the Cooperative of Cardiovascular and Thoracic Surgeons (Cooperativa de Cirurgiões Cardiovasculares e Torácicos, Cardiotórax), and the Cooperative of Head and Neck Surgeons (Cooperativa de Cirurgiões da Cabeça e Pescoço, CCP) committed to ceasing practices that violate competition conditions.
The violations included collective price-setting, boycotts of health insurance operators, and restrictions on doctors' work (for example, prohibiting the provision of medical services without upfront payment, which contradicts the Code of Medical Ethics).
The total fine to be paid by the cooperatives amounts to approximately $560,000. All three companies also commit to implementing compliance programs with regular training on free competition, analysis of best practices, and handling complaints and inquiries.
Source: CADE
Innovative collagen production methods may return to Brazil after a pause
Startup Nortian Biotech, launched in the U.S. in 2024 by Brazilian entrepreneur André Albuquerque, has raised $41 million in investments to establish a facility for innovative leather processing. The startup itself is valued at $100 million. Interested investors include the Swedish-American firm AJ Hollander, the world's largest leather processor, and the Brazilian company XPTO.
The facility will utilize an innovative technology for extracting collagen from cattle hide, reducing the overall cost by 16% and enabling the production of 99% pure collagen with 98% protein content.
For A. Albuquerque, this is his second attempt to establish a foothold in the segment. His experience of opening a factory with the same technology in Brazil confirmed the potential of the developed technological approach, but the venture was closed due to a lack of capital. If successful in the U.S. market, the company may return to Brazilian agribusiness.
Source: Fusões & Aquisições
The long-awaited Santos-Guarujá tunnel will be built by a Portuguese company
Portuguese Engil-Mobil, controlled by Chinese construction giant CCCC, has won the tender to build the Santos-Guarujá underwater tunnel. Engil-Mobil competed against Spanish Acciona. The project will complement the existing ferry service between the two cities in the state of São Paulo and transform logistics routes.
The tunnel will be 1.5 km long. Preliminary estimates indicate that its construction will cost $1.2 billion, of which $950 million will be invested by the state. The construction will take 5 years, after which the tunnel will be concessioned for 32 years.
Against the backdrop of national construction companies exiting the Brazilian "concession market," the role of foreign corporations is becoming increasingly noticeable. This year, Engil-Mobil has already expanded in Brazil through the acquisition of Empresa Construtora Brasil.
Source: Fusões & Aquisições
Amazon aims to compete with iFood
In the first half of September, Amazon acquired a minority stake in the delivery service Rappi. The deal cost $25 million and allows Amazon to increase its stake in Rappi to 12%, subject to meeting certain performance metrics.
Amazon continues to strengthen its presence in Latin America, where the company will face stiff competition from Brazilian iFood, Argentine Mercado Livre, and others.
Rappi already works with Amazon Web Services, and the companies have a delivery partnership in Mexico. Globally, Amazon is pursuing the same strategy as in Latin America: for example, it owns 16% of British delivery operator Deliveroo and 2% of American Grubhub. Amazon is driven towards inorganic expansion in the segment by the closure of its own restaurant delivery service for Prime subscribers in the U.S., prompting the company to now seek partnerships and acquire stakes in established players within the delivery ecosystem.
Source: Fusões & Aquisições
Goldman Sachs views Brazil's investment attractiveness positively
Brazil maintains its status as one of the most attractive countries for foreign capital placement and investments in 2025. This assessment comes from John Waldron, vice president of one of the largest investment banks and financial conglomerates, Goldman Sachs.
According to his evaluation, a strong economy and high real interest rates are fueling interest from international investors. He also noted that in Brazil, foreign investors are particularly interested in investments in infrastructure, renewable energy, and technology—sectors of the economy where the role of the private sector has recently increased due to high levels of government debt worldwide.
Goldman Sachs emphasizes that in the M&A sector, the financial volume of deals involving Brazilian companies has grown despite a decrease in the number of mergers and acquisitions, indicating a trend toward larger deals with higher returns and profitability. The bank also believes that the 2026 elections will boost M&A dynamics.
Source: Fusões & Aquisições
