CADE to review Itaú Unibank stake acquisition of Maracanã Geração de Energia

The Administrative Council for Economic Defense (CADE) is to review Itaú Unibank's acquisition of a 49.99% stake in the company Maracanã Geração de Energia e Participações. The notice that discloses the transaction was published in the Federal Official Gazette of Brazil (DOU) on 24 February.

Itaú Unibank is a financial institution with core activities and products related to banking services and businesses in the economic market. In turn, the firm Maracanã is a subsidiary of Engie Brasil, which develops studies, projects, and planning for building electric energy enterprises based on renewable sources.

The transaction represents a great opportunity for Itaú Unibank to invest in energy projects in Brazil. As for Maracanã, the sale will provide for a significant capital increase and contribute to expanding its businesses.

Review term

According to law, the term for merger reviews is of 240 days. This legal term may be extendable for additional 90 days, based on a duly substantiated decision of the Tribunal of CADE, or 60 days at request of the parties’ lawyers.

The antitrust authority may assess mergers under summary proceedings, deemed as simpler from a competition point of view, or an in-depth review, suggesting a comprehensive analysis. Based on CADE Resolution no. 33/2022, transactions under summary proceedings must be analysed within 30 days.

Access Case no. 08700.001275/2023-80.