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<p>We examine the exercise of the preventive function in Brazil by its competition authority CADE (Conselho Administrativo de Defesa Econômica). We analyze, from a long-term perspective, the evolution of the merger control process from 2000 to 2020. CADE has been appraised positively by international observers for its efficient enforcement. In 2020 it received four stars for the eighth year in a row in the annual ranking promoted by <i>Global Competition Review</i>: <a href="https://globalcompatitionreview.com">https://globalcompatitionreview.com</a> a magazine that covers competition policy and regulation around the world. Aiming to go beyond this consensual opinion about CADE’s efficiency, we gather microdata from each of the mergers, acquisitions, and equivalents that were submitted to CADE’s approval along two decades. We search for patterns and regularities that could offer clues about the efficacy of competition law enforcement in Brazil.</p>

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20 Years of Merger Control in Brazil: What do the Big Numbers Tell us?

  • 期刊论文

  • 发表日期：

    2025年10月13日

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  • Lucia Helena Salgado

摘要

We examine the exercise of the preventive function in Brazil by its competition authority CADE (Conselho Administrativo de Defesa Econômica). We analyze, from a long-term perspective, the evolution of the merger control process from 2000 to 2020. CADE has been appraised positively by international observers for its efficient enforcement. In 2020 it received four stars for the eighth year in a row in the annual ranking promoted by Global Competition Review: https://globalcompatitionreview.com a magazine that covers competition policy and regulation around the world. Aiming to go beyond this consensual opinion about CADE’s efficiency, we gather microdata from each of the mergers, acquisitions, and equivalents that were submitted to CADE’s approval along two decades. We search for patterns and regularities that could offer clues about the efficacy of competition law enforcement in Brazil.