CADE clears acquisition of WPL by Navemazônia

On 26 November, the Administrative Council for Economic Defense (CADE) cleared the acquisition of WPL by Navemazônia, company of the  Atem Group. The transaction involves two river fuel transport companies in the Amazon region, and generates vertical integration with the Atem's activities in the fuel distribution, refining and shipbuilding segments.

The Office of the Superintendent General at CADE (SG) already approved the merger in May, however, the case was submitted to the Tribunal due to appeals filed by the interested third parties Vibra Energia, Ipiranga, and Petróleo Sabbá. 

Carlos Jacques, rapporteur of the case, voted to uphold the unrestricted clearance, dismissing the arguments presented by the appellants. The decision was concluded after Commissioner Diogo Thomson voted that it was “a complex market, affected by the lack of information and a high degree of operational heterogeneity, raising doubts that were not fully solved by the time the investigation was completed”. 

In his vote, Mr Thomson detailed the supplementary investigation conducted by his office to clarify any doubts, and decided to follow the vote of the rapporteur, despite obtaining the submission of an Antitrust Protocol and a non-exclusivity agreement from the applicants.  

According to the commissioner, these tools were sufficient to mitigate concerns regarding the exchange  of competitively sensitive information and the risk of market closure, making it unnecessary to sign a merger control agreement. Therefore, the transaction was cleared without the imposition of behavioural or structural remedies. 

The Tribunal of CADE unanimously decided to follow the vote of the rapporteur. 

Access Case no. 08700.000404/2025-84.