BRAZIL: Citrovita, Citrosuco receive final merger approval
The CADE agency has approved the merger between Citrovita and Citrosuco
Brazil's antitrust authority has approved the merger between the country's two orange juice giants, Citrovita and Citrosuco.
Brazil's CADE competition agency confirmed to just-drinks today (20 December) that it has approved the merger between Citrovita, owned by the Votorantim group, and Citrosuco, controlled by Fischer group. The tie-up creates the world's largest orange juice producer.
The move, originally announced in May 2010, sparked an investigation by the European Commission, the EU's chief competition authority. In May this year, it allowed the joint venture to trade in Europe without conditions, but the two firms were waiting on the final approval of Brazil's antitrust authority.
A spokesperson for CADE told just-drinks today: "The clearance was conditional on the execution of a Performance Commitment Agreement. These agreements generally intend to set certain remedies to allow mergers that raise anticompetitive concerns." It remains unclear what those specific concerns were.
The combined company will have six factories in Brazil, one in the US and eight port terminals, two in Brazil and the remainder in Japan, Belgium, Australia and the US.
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