After Petlove appeals against the merger between Cobasi and Petz, the two companies issued a note to say that there is no competitive risk in the operation. The merger was approved without restrictions by the General Superintendence (SG) of the Administrative Council for Economic Defense (Cade) in early June. Petlove’s appeal entered the system on Monday, 23.
The competitor maintains that the operation will result in a monopoly in hundreds of physical retail markets and high concentration on online retail.
The company calls for disapproval of the operation, claiming that the decision of Cade’s technical area does not deal with relevant competition concerns and, therefore, deserves reanelis by the Council Court.
“Cobasi and Petz receive with tranquility the appeal of the third interested party to the Cade Court. They also report that they trust the decision of the counselors, based on studies done by Cade’s general superintendency, which approved the operation without restrictions because there is no competitive risk in a sprayed and competitive market,” the two companies say.
As a result of the operation, PETZ will become Cobasi’s integral subsidiary. PETZ shareholders will receive 52.6% of the new company’s shares and Cobasi shareholders, 47.4%. The company created should have R $ 7 billion in revenues at retail PET.
