By Júlia Batistella-Machado & Bruno Renzetti –
This paper provides the reader with an objective view of the premerger control in Brazil of transactions involving private equity funds. The paper suggests that CADE has been historically more concerned with establishing tests and procedures on when and how to submit pre merger fillings, than to perform deeper analysis on competitive consequences of said transactions. This may explain the low level of rejections and restrictions imposed by the authority in this context so far. Premerger fillings are mostly done with simplified amounts of data and documents and the duration of the proceeding has been reduced lately, which in most cases is not greater than 30 days.
