Certain international transactions still leave parties
wondering whether Brazilian approval is required
The (not so new) Brazilian Antitrust Law[1] is
currently marching towards its eighth year anniversary, and it is
well recognized that Brazil has done a great job in promoting a
"competition culture" within the M&A practice. The
introduction of the bar-on-closing regime has played a great part
in that, and has led the Brazilian merger control to unimaginable
quality levels[2], similar to those in the mainstream
antitrust jurisdictions.
This means that undertakings in Brazil are paying close
attention to antitrust matters at very early stages of M&A
negotiations.
- Issues can arise in the due diligence
process, particularly with respect to sharing competitively
sensitive information;
