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2019: OUTLOOK AND AGENDA

As the Brazilian economy starts to recover, a likely increase in the level of
mergers and acquisitions may pose a significant challenge to CADE. Limited resources continue
to constrain the number of case handlers available, so a large increase in the number of merger
investigations may require CADE to shift focus once again to merger control and slow down
the efforts dedicated to cartel and single-firm conduct cases.
This intricate context will be further aggravated with the substantive change
the Tribunal will experience in the second semester. Commissioner Cristiane Alkmin stepped
down before the end of her mandate to lead the Goiás State Treasury Department. The mandates
of Commissioners Joao Paulo de Resende, Paulo Burnier and Polyanna Vilanova will also
end in the second semester. As a result, 2019 will see four new Commissioners arriving at the
Tribunal (forming a total of six Commissioners and the President), what can significantly change
the Tribunal’s priorities and internal decision dynamics. Similarly, the General Superintendent
Alexandre Cordeiro’s mandate will end in October. While he could be nominated for a second
two-years mandate, 2019 may also experience a change at the Superintendence level.
In terms of cases, the year starts with two important merger cases: the analysis
of the Walt Disney acquisition of Twenty Century Fox and of Vale’s acquisition of Ferrous.
As to cartel investigations, CADE is expected to continue the discovery phase in a number
of major cases, including some related to the Carwash Operation. Investigations into the auto
parts market, where a number of Cease and Desist Agreements were signed throughout 2018,
are also expected to continue.
With regards to unilateral conduct, inquiries into the payment system
will possibly continue under scrutiny. Furthermore, we may see a final administrative
decision in the Google shopping investigation, following the General Superintendence’s
recommendation to close the inquiry.