Brazilian merger notiﬁcation requirements, traditionally a major hurdle for multinational mergers, have just become less burdensome. In an unexpected development last Wednesday, the Brazilian antitrust authority (“CADE”) announced a new interpretation of the Brazilian merger notiﬁcation thresholds that may reduce foreign merger ﬁlings in Brazil by more than 90%. CADE reversed 10 years of precedent by declaring that, in line with the approach of many other jurisdictions worldwide, the Brazil notiﬁcation threshold of 400 million Reales should henceforth be assessed in terms of Brazilian turnover rather than worldwide turnover. (ADC Telecommunications Inc. / Krone International Holding Inc., announced January 19, 2005.)
Antitrust and Trade Regulation
Date of this Version
Ulrich Quack, James Burling, Claus-Dieter Ehlermann, John Ratliff, Suyong Kim, Douglas Melamed, William Kolasky, and Janet Ridge, "Antitrust and Competition Law Update: Brazil Adjusts Merger Notiﬁcation Thresholds" (January 2005). Wilmer Cutler Pickering Hale and Dorr Antitrust Series. Working Paper 45.