CADE publishes guide for non-horizontal merger reviews

CADE publishes guide for non-horizontal merger reviews

CADE recently released the V+ Guide, aimed at operations involving non-horizontal (vertical and conglomerate) mergers between companies. The guide’s purpose is to increase transparency by providing clear guidance to the market on the stages, techniques, and criteria used by the authority in its analysis processes.

 The V+ Guide defines the concepts of vertical integrations and conglomerate mergers and presents the analysis procedures, from defining relevant markets to considering possible antitrust remedies. The proposed analysis methodology aligns with the majority of antitrust agencies worldwide, involving assessing the ability to cause anticompetitive harm, incentives to act according to the damage theory, and expected post-concentration effects.

 The document is the result of discussions and collaborations conducted by a Working Group composed of representatives from all CADE units and IBRAC. Additionally, economic agents, experts, and civil society also had the opportunity to contribute to the V+ Guide through a public consultation.

 The V+ Guide is not binding or normative, meaning that the analytical process conducted by CADE will be adapted to each specific case.

 The guide can be accessed via the following link.