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Mercedes-Benz, BMW, others withdraw global automobile joint venture under review in Brazil

By Ana Paula Candil ( January 26, 2023, 20:34 GMT | Insight) -- German-based carmakers Mercedes-Benz, BMW and Volkswagen, as well as eight major auto parts firms, have withdrawn a proposed joint venture that was under review by the Brazilian competition authority, saying remedies sought by the agency are "practically impossible" to implement.  In December, the Tribunal of the Administrative Council for Economic Defense approved the transaction conditioned on a strict behavioral remedy package to address concerns mostly with the exchange of sensitive information between competitors. German-based carmakers Mercedes-Benz, BMW and Volkswagen, as well as eight major auto parts firms, have withdrawn a proposed joint venture that was under review by the Brazilian competition authority, saying remedies sought by the agency are "practically impossible" to implement....

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