CADE fines Cervejaria Petrópolis and Imcopa for gun jumping

The Tribunal of the Administrative Council for Economic Defense (CADE) convicted Cervejaria Petrópolis S.A. for gun jumping in its control acquisition of Imcopa (Importação, Exportação e Indústria de Óleos S.A.). Commissioner José Levi, rapporteur of the case, also voted to sanction the defendants, imposing a fine of BRL 1,382,418.22.

The companies notified the merger on 9 April 2024 and CADE cleared it without restrictions on 24 April of the same year. However, the investigation conducted by the Office of the Superintendent General of CADE (SG) found that the transaction had already been effectively completed on 19 March 2024, that is, before the prior notification required under Law 12529/2011.

Following a complaint filed by Nuevo Plan, the SG opened an inquiry and launched an administrative proceeding to investigate the alleged antitrust violation. In April 2025, an order of the SG concluded that prior notification of the transaction was mandatory, as all legal requirements had been met.

The defendants claimed that the transfer of control resulted from compliance with court decisions issued within the judicial reorganisation of Imcopa, rather than from a voluntary transaction between the parties — an argument disputed throughout the evidentiary phase of the proceeding.