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Brazil’s Administrative Council for Economic Defence (CADE), an antitrust watchdog, approved Minerva’s purchase JBS Mercosur’s assets on July 10.
However, if CADE approved the US$300 million purchase of the South American assets without restrictions, the transaction is still subject to a decision from the Brazilian Supreme Court; its authorisation strictly refers to the competitive nature of the transaction. A statement released by CADE says that its approval for the acquisition by Minerva is within its remit, but is not legally binding or enforceable above the judgement and ruling previously issued by a supreme court judge.
Earlier in June, a Brasilia based judge blocked the sale of JBS’ assets to Minerva alleging that it could undermine the clarification of facts denounced in the plea bargaining. Read more here.