CADE rules on 41 cases, imposes over BRL 164 million in fines during electoral blackout period

From 4 July to 25 October, during the electoral blackout period, the Administrative Council for Economic Defence (CADE) ruled on 41 cases, signed 12 agreements, reviewed 255 mergers, and launched two public consultations, maintaining an active competition-enforcement agenda.

In addition, the Office of the Superintendent General (SG) of CADE concluded two cases involving anticompetitive conduct. Fines imposed totalled BRL 164,816,116, according to data from the Office of the Coordinator General of Proceedings (CGP). Figures may be updated on 26 October, after the elections.

In accordance with Brazilian electoral legislation, CADE restricted publications on its website to institutional notices covering technical information, operational data, and details of its activities. The election blackout rules restrict electoral advertising to prevent public resources from being used to benefit candidates. The rules follow the provisions of Law 9504/1997 (the Elections Act), resolutions from the Brazilian Superior Electoral Court (TSE), and SECOM/PR Normative Instruction 12/2026.

The following overview covers CADE’s main rulings, investigations, agreements, and initiatives during the period, showing its continued efforts to promote and protect free competition.

Decisions on merger cases

On 7 October, the Tribunal of CADE cleared American Airlines’ acquisition of a minority stake in Azul, subject to the signing of a Merger Control Agreement. The deal involved a USD 100 million investment and related share subscription rights. The agreement established safeguards concerning governance and information sharing.

In September, the agency also dismissed a proceeding examining Amazon's investments in Anthropic and collaboration agreements executed between the companies. According to the Tribunal, the acquisition of a minority stake did not meet the legal turnover threshold for mandatory notification, whilst the agreements under review did not constitute partnership contracts.

Another significant case involved the Companhia de Saneamento de Minas Gerais (COPASA). In August, the Tribunal upheld the unconditional clearance,

without restrictions, of the acquisition of 30% of the share capital of COPASA by Gerais Saneamento, a company owned by Grupo Equatorial, following an appeal filed by an interested third party.

Investigations and fight against antitrust violations

In September, CADE decided to continue the investigation and further examination into 99Food contractual clauses. The agency also denied the request for a preventive measure filed by Keeta.

In the same month, the Tribunal convicted Cervejaria Petrópolis S.A. and Imcopa for gun jumping. Both companies were convicted to pay over BRL 1.3 million in fines. As part of the fight against cartels, CADE also executed an agreement with a construction company after four investigations. The total amount of the financial contribution agreed upon is over BRL 90 million.

In July, the Office of the Superintendent General (SG) recommended the conviction of six companies and 18 individuals for participating in an international cartel in the market for the acquisition of sports media rights, other rights associated with sporting events, and the provision of related consultancy or advisory services, with effects in Brazil. The investigation identified alleged anticompetitive practices relating to the acquisition of broadcasting rights for sporting events. The case is to be submitted to the Tribunal of CADE for a final decision.

In addition, the agency executed two agreements with Covabra Supermercados regarding different transactions. The cases were reviewed in two administrative procedures to investigate mergers and acquisitions and the SG cleared both transactions without restrictions.

Decisions in different markets

In September, the Tribunal of CADE decided to dismiss the case that investigated guidelines for price lists by associations of technicians in the audio-visual (AV) market in the Brazilian state of São Paulo. The decision found asymmetry in bargaining power between the technicians and AV production companies and concluded that the associations helped mitigate such imbalance without eliminating the freedom of individual negotiation. However, the conclusion was strictly tied to the circumstances and cannot be interpreted as a general authorisation for professional associations to adopt price lists.

In October, CADE ruled on the request for clarification filed by the Association of Soybean and Corn Producers of the State of Mato Grosso (APROSOJA/MT) in response to the decision of the Supreme Federal Court (STF), which ordered the dismissal of all cases involving the Soy Moratorium. The agency imposed a procedural penalty of BRL 250 thousand on APROSOJA/MT. The case was concluded in compliance with the decision of the STF, and it did not constitute a ruling on the merits regarding the lawfulness of the practice.

Regulatory updates and civil society participation

In addition to hearing sessions and investigations, CADE launched public consultations to gather contributions on regulatory proposals.

In September, the agency launched a consultation on its Statutes’ reform, with provisions relating to institutional planning, agenda of priorities, and regulation for social participation. Contributions may be submitted until 6 November 2026.

In the same period, CADE also launched a public consultation on Resolution 33/2022 updates, document which regulates merger notifications. The proposal addresses criteria for notifications, turnover calculation, and control definition, which influence the identification of transactions that must be submitted for review.

Furthermore, in August, CADE opened applications for the 46th edition of its Exchange Programme (PinCade), that will take place from 11 January to 5 February 2027. Participants will engage in activities at the agency, including case studies and the preparation of technical materials.

Continuity management

The actions carried out by CADE during this period highlight its operation in different areas, including analysis of business transactions, investigation of alleged violations, regulatory updates, as well as education programmes. Such initiatives are aimed at enforcing competition policies and monitoring market conditions.