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Regulações em fusões e aquisições no Brasil - o acordo entre o BRF S.A. e o CADE
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As fusões e aquisições (F&A) são amplamente utilizadas como estratégia de expansão e consolidação empresarial, mas levantam questões críticas em termos de regulação e concorrência. O presente trabalho analisa a fusão entre Sadia e Perdigão, que originou a BRF S.A., uma das maiores empresas do setor agroalimentar brasileiro. O estudo cobre o período de 2009 a 2024 e combina indicadores económico-financeiros com a análise das medidas impostas pelo Conselho Administrativo de Defesa Económica (CADE).
Os resultados evidenciam que a fusão gerou ganhos iniciais de escala e eficiência, refletidos no aumento da rendibilidade e na valorização de mercado até 2015. Contudo, as restrições do CADE, somadas a crises externas e a falhas de governança, limitaram a sustentabilidade desses ganhos conduzindo a fortes prejuízos entre 2016 e 2018. A partir de 2019, observou-se uma recomposição gradual dos resultados, sustentada pela disciplina financeira, melhoria das margens e gestão mais eficiente do capital.
A análise permitiu concluir que a fusão Sadia–Perdigão trouxe vantagens estratégicas no curto prazo, mas não assegurou rendibilidade estável no longo prazo, sobretudo devido às restrições regulatórias e às crises subsequentes. Ainda assim, a recuperação entre 2019 e 2024 demonstra a consolidação de um novo ciclo de eficiência e governança, devido à capacidade de adaptação ao contexto de mercado.
Este caso evidencia a necessidade de equilibrar eficiência económica, defesa da concorrência e proteção ao consumidor em operações de grande escala.
Mergers and acquisitions (M&A) are widely used as strategies for business expansion and consolidation, yet they raise critical issues regarding regulation and competition. This study examines the merger between Sadia and Perdigão, which led to the creation of BRF S.A., one of the largest companies in the Brazilian agrifood sector. The analysis covers the period from 2009 to 2024 and combines economic–financial indicators with an assessment of the measures imposed by the Administrative Council for Economic Defense (CADE). The results show that the merger initially generated significant gains in scale and efficiency, reflected in increased profitability and market valuation up to 2015. However, CADE’s restrictions, combined with external crises and governance failures, limited the sustainability of these gains, leading to substantial losses between 2016 and 2018. From 2019 onwards, a gradual recovery was observed, supported by stronger financial discipline, improved margins, and more efficient capital management. The analysis concludes that the Sadia–Perdigão merger provided short-term strategic benefits but failed to ensure long-term profitability, mainly due to regulatory constraints and subsequent crises. Nevertheless, the recovery between 2019 and 2024 demonstrates the consolidation of a new cycle of efficiency and governance, reflecting the company’s ability to adapt to changing market conditions. This case highlights the importance of balancing economic efficiency, competition policy, and consumer protection in large-scale corporate operations.
Mergers and acquisitions (M&A) are widely used as strategies for business expansion and consolidation, yet they raise critical issues regarding regulation and competition. This study examines the merger between Sadia and Perdigão, which led to the creation of BRF S.A., one of the largest companies in the Brazilian agrifood sector. The analysis covers the period from 2009 to 2024 and combines economic–financial indicators with an assessment of the measures imposed by the Administrative Council for Economic Defense (CADE). The results show that the merger initially generated significant gains in scale and efficiency, reflected in increased profitability and market valuation up to 2015. However, CADE’s restrictions, combined with external crises and governance failures, limited the sustainability of these gains, leading to substantial losses between 2016 and 2018. From 2019 onwards, a gradual recovery was observed, supported by stronger financial discipline, improved margins, and more efficient capital management. The analysis concludes that the Sadia–Perdigão merger provided short-term strategic benefits but failed to ensure long-term profitability, mainly due to regulatory constraints and subsequent crises. Nevertheless, the recovery between 2019 and 2024 demonstrates the consolidation of a new cycle of efficiency and governance, reflecting the company’s ability to adapt to changing market conditions. This case highlights the importance of balancing economic efficiency, competition policy, and consumer protection in large-scale corporate operations.
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Fusões e aquisições BRF CADE Análise económico-financeira Mergers and acquisitions Financial analysis