The Brazilian government has backed a decision by the country’s competition regulator to block the recent acquisition by Swiss food giant Nestlé of Brazilian chocolate maker Garoto.
Go deeper with GlobalData
The government said there was no risk to local jobs if Nestlé decided to abandon Garoto altogether because seven other firms were interested in purchasing the Brazilian firm, which employs around 3,000 people, reported Reuters.
Supporters of the deal had used the potential unemployment issue as an argument for why the acquisition should be allowed to stand.
Brazil’s government also said a company with no more than a 20% market share should buy Garoto. Nestlé would have a 60% market share with Garoto.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
