During the trial session held on March 30th, 2016, the Administrative Council for Economic Defense (CADE) maintained the decision rendered by the General-Superintendence, approving FedEx’s acquisition of TNT without restrictions, thereby rejecting the appeal filed by UPS do Brasil on its merits. The Reporting Commissioner, Cristiane Schmidt, clarified in her vote that controlling a substantial amount of market share cannot be considered, in and of itself, as the sole reason for the exercise of market power and blocking the transaction. In this sense, the Commissioner refuted the argument presented by UPS regarding the absence of bargaining power, stating that, in accordance with the information presented by clients in the market, if the new TNT/FedEx company raised their prices, clients would alter their courier service, given the low costs involved in switching and the existence of competitors. Finally, the Commissioner emphasized that, as stated in CADE’s internal bylaws, appeals against decisions handed down by the General Superintendence approving a transaction must be supported by arguments, facts and documents essential to the analysis of the allegations, which was not observed by UPS, where its appeal was filed to procrastinate the decision.