CADE approves acquisition of Atlântico Sul by APMT Terminals

In the hearing of 8 February 2023, the Administrative Council for Economic Defense (CADE) approved the APMT Terminals acquisition of the total share capital of Atlântico Sul owned by the shipyard Estaleiro Atlântico Sul. The transaction was cleared unconditionally by the Tribunal of CADE.

The APMT Terminals won the judicial procurement in July 2022 to acquire an Individual Production Unit (UPI-B Cais do Sul). This unit, previously owned by the Estaleiro Atlântico Sul, is located at the Complexo Portuário de Suape in Ipojuca in the state of Pernambuco; the divestiture is due to the reorganization of the firm.

The acquisition of the UPI-B Cais Sul involves the transfer of ownership of the area, equipment, and constructions located in the unit. The transaction also includes the transfer of licences that allow for the construction and operation of terminals of shipping containers in the location.

In her vote, the rapporteur of the case, Commissioner Lenisa Prado, highlighted that the transaction does not impact the competition. Her opinion was supported by the other Tribunal members.

However, the commissioner understood that the firms may have divided the business between them and exchanged competitively sensitive information before the clearance of the transaction. Such a practice, known as gun jumping, has the potential to generate an increase in market concentration and eliminate competition.

For this reason, the Tribunal determined that the process be sent to the Office of the Superintendent General of CADE to launch an Administrative Procedure to investigate the acquisition and the alleged violation.

Access Merger no. 08700.007988/2022-76.