Review №2 of Brazilian Antitrust News from the Experts of the BRICS Competition Centre
- Argentinian GDM has drawn the attention of the regulator
- United Airlines and Azul deal nears completion
- Japanese investor exits biotechnology project
- Regulator turns attention to digital platforms in the transportation segment
- Brazilian football giants Flamengo, Palmeiras and others to pay fine following CADE decision
- CADE backs up 2025 results with statistics
- Study on Brazilian telecom sector released
- LDC expands capacity in the heart of Brazil's agribusiness region
Argentinian GDM has drawn the attention of the regulator
CADE is investigating potential anti-competitive actions by the company GDM, which owns the Brasmax and Don Mario brands, in the Brazilian soybean seed market. Although Brasmax's market share exceeds 20% in several regions, which could indicate a dominant position, the company strongly denies any violations. GDM asserts that its success is due solely to operational efficiency and investments in research. The regulator plans to examine discount policies, recommended prices, and biotechnology licensing terms to ensure there are no risks to the free market.
Source: CNN Brasil
United Airlines and Azul deal nears completion
The CADE Tribunal has approved an increase in United Airlines' stake in Azul's capital from 2.02% to 8%. The transaction is part of Azul's restructuring process under its bankruptcy proceedings in the United States. Initially approved in 2025, the operation was reviewed by the Tribunal following a complaint from the research institute IPS Consumo. The regulator assessed potential risks of joint influence by United and American Airlines in the market, considering their stakes in the capital of a direct competitor, Gol.
The rapporteur for the case, Diogo Thomson, concluded that the deal poses no threat, as corporate governance mechanisms and information barriers reliably limit United's influence. The transaction was approved without restrictions; however, any further expansion of United's rights, influence, or shareholding stake must be previously cleared with the regulator.
Source: CADE
Japanese investor exits biotechnology project
Brazilian regulator approves Raízen Energia's buyout of Japanese Sumitomo's stake in the joint venture Raízen Biomassa. Interestingly, following this announcement, Raízen's shares on the B3 stock exchange fell by nearly 5%.
The venture Raízen Biomassa was created in 2016 to develop technology for producing pellets from sugarcane waste. Such pellets can be used as solid fuel. Henceforth, Raízen becomes the sole owner of this business.
CADE approved the operation without restrictions, noting that the agreements provided for the Japanese partner's right to exit the venture. Despite financial losses and high debt, Raízen plans to continue investing in technological projects.
Source: CNN Brasil
Regulator turns attention to digital platforms in the transportation segment
CADE has archived the case regarding the acquisition of logistics technology solutions provider RJ Participações by road ticket purchasing service Clickbus due to suspicions of providing false or incomplete information. The deal was initially approved, but it later emerged that one of Clickbus's shareholders may control a direct competitor of the acquired company in the ticket sales software market. This concealed horizontal overlap seriously distorted the results of the regulator's initial analysis. The Tribunal ruled that the current decision must be annulled, and for the deal to be completed, the companies will need to resubmit the notification.
CADE also intends to determine whether the data omission was intentional concealment or falsehood. Clickbus, being a platform in the passenger transport sector, sought to enter the specialized software market.
Source: CADE
Brazilian football giants Flamengo, Palmeiras and others to pay fine following CADE decision
CADE has approved agreements with the football leagues Libra and FFU (Futebol Forte União) as part of an investigation into premature deal-closing practices (gun jumping). The Libra League, involving major Brazilian clubs such as Flamengo and Palmeiras, will pay a fine of $100,000 precisely for its creation and formalization prior to regulatory approval. The aforementioned leagues were established as associations for the collective representation of clubs' interests in negotiations over television broadcast rights. The regulator considered that such unions effectively constitute joint ventures subject to mandatory antitrust review, not least due to their significant economic influence.
The agreement with FFU was concluded without the need to pay monetary fines, as its members did not meet the revenue thresholds requiring mandatory notification. Both leagues have committed to informing CADE for three years about any legal changes in the procedure for collectively representing clubs' interests in negotiations. The organizations now have 60 days to formally submit notifications for all completed acts of concentration. Only after this will CADE proceed to assess the merits of the deals and analyze their impact on competition.
Source: CADE
CADE backs up 2025 results with statistics
Brazil's antitrust authority has presented the "2025 Yearbook". Among other things, it recorded a historic achievement: the agency ranked among the top six in the world according to Global Competition Review. Over the past year, CADE reviewed 873 concentration transactions totaling $250 billion, primarily in the energy and retail sectors. Of these, 818 operations were approved without restrictions in a shortened timeframe. Overall, this demonstrates the predictability and technical maturity of Brazil's merger control system.
Additionally, 90 new investigations were launched against cartels and abuses of market power. Through agreements signed with offenders of the economic order, the authority collected $130 million in fines and contributions. The report also highlights the agency's digital transformation successes, including the launch of various virtual platforms and the modernization of notification systems.
Source: CADE
Study on Brazilian telecom sector released
The antitrust authority has published a special study dedicated to RAN Sharing practices in Brazil's telecommunications sector. The 23rd edition of the "CADE Notebooks" series (Cadernos do Cade) examined how network infrastructure sharing agreements affect market competition. The study is highly relevant given the consolidation of this sector in Brazil and the pressure on operators due to high demand coupled with declining revenues. In this context, companies are seeking ways to reduce network deployment costs through partnerships and various forms of joint ventures.
The document outlines collaboration formats, ranging from simple tower sharing to cooperative network management. The regulator emphasizes that, while operators' commercial strategies and pricing policies remain independent of each other, each contract requires individual assessment due to the variety of conditions it contains and prevailing market circumstances. Beyond its analytical and practical value, the work provides operators with clear guidance on which forms of network sharing are not considered harmful to competition.
Source: CADE
LDC expands capacity in the heart of Brazil's agribusiness region
Louis Dreyfus Company (LDC) has opened a new logistics hub in Rondonópolis, Mato Grosso state. It will be focused on handling cotton and fertilizers. Furthermore, the large-scale complex aims to connect Brazil's largest agricultural state with the major ports of Santos and Paranaguá. The investment is part of LDC's global strategy to strengthen its position in the supply chain and optimize logistics routes. In turn, Mato Grosso state consumes 22% of the national volume of fertilizers and is also the national leader in cotton cultivation.
Source: CNN Brasil
