CADE cleared the sale of Ultrapar's Oxiteno to Indorama Ventures Group

The Office of the Superintendent General of CADE granted clearance to Tereftálicos and Indorama Ventures Spain to buy Oxitenos' shares – currently held by Ultrapar – in a direction published in the Official Gazette on 8 March 2022.

The acquiring firms are holdings of the Indorama Ventures Group, which operates globally in the chemical industry, with 124 production plants in 33 countries. The firm Oxiteno is a wholly-owned subsidiary of Ultrapar, is part of the Ultra Group. The group, for its part, operates in different sectors through the companies Ultragaz, Ultracargo, Ipiranga, and Extrafarma.

CADE's Office of the Superintendent General analysed the markets affected by the deal, such as the mono-ethylene glycol (MEG) and the polyethylene terephthalate (PET) markets, and concluded the transaction did not raise competition concerns, deciding to fully approve it.

Biosimilar medicine case

The Office of the Superintendent General cleared another transaction regarding Samsung Biologics' full acquisition of membership interest in Samsung Bioepis, currently held by Biogen Therapeutics.

Bioepis is a joint venture controlled by Samsung Biologics and Biogen that operates in the development, manufacturing, and commercialization of biosimilar medicine. In Brazil, the company currently commercialises products used in the treatment of autoimmune diseases such as rheumatoid arthritis and some types of cancer.

In its direction, the Office of the Superintendent General pointed out the deal is merely a Samsung Biologics' attempt to acquire the controlling stake it shared with Biogen; hence, it does not result in adverse effects on the affected market.

The rulings of the Office of the Superintendent General on the two transactions are final unless an interested third party lodges an appeal or the CADE Tribunal requests to review the case.

Access Cases no. 08700.006239/2021-41 and no. 08700.001255/2022-28.