GCR Awards 2019

We are honored to announce that two merger cases in which we had a leading involvement in 2018 have been shortlisted at the GCR’s Awards 2019 in the “Merger Control Matter of the Year — Americas” category:  ArcelorMittal/Votorantim Siderurgia and Suzano/Fibria Celulose, the first led by partner Vinicius Marques de Carvalho and the latter by partner Eduardo Frade.

According to GCR, Arcelor/Votorantim “was one of the most complex matters in Brazil in 2018. It generated significant horizontal overlaps in the long steel industry, being initially seen as three-to-two merger in a mature industry with high barriers to entry. The Superintendence — the investigative arm of Brazil’s CADE — conducted a very close probe and recommended blocking the merger. After intense discussions and many detailed submissions, CADE cleared the merger, conditioned on divestitures. This is the only case ever in Brazil to receive a blocking recommendation from the Superintendence that later obtained a clearance decision from CADE’s tribunal”.

Suzano / Fibria, on its side, was the biggest merger analyzed by CADE in 2018 and was described by the publication as “Suzano’s acquisition of Fibria combined the two largest players in the wood pulp industry in Brazil and created the world’s largest hardwood pulp producer. From a Brazilian standpoint, resulting market shares went beyond 50%, but, given the companies’ global footprint and the worldwide dynamics of the market, they were able to show CADE that the combination would not raise concerns. CADE engaged in a very thorough market test and successfully confirmed the theory presented by the companies, and ultimately cleared the deal with no restrictions. It was also cleared in the US, China and other jurisdictions”.

Voting is open until midnight EST on February 22. We invite our clients and friends to support our nominations here.