Imerys‑SB deal called complex as Brazil’s CADE seeks in-depth review

By Henrique Santiago ( March 30, 2026, 22:03 GMT | Insight) -- Brazil’s antitrust regulator classified Imerys’ proposed acquisition of SB Mineração as a complex transaction. The decision calls for additional scrutiny to assess potential competitive harm resulting from the deal. While the watchdog seeks further analysis, the review period can be extended by 90 days.Brazil’s antitrust regulator classified Imerys’ proposed acquisition of SB Mineração as a complex transaction. The decision calls for additional scrutiny to assess potential competitive harm resulting from the deal.The Superintendence of the Administrative Council for Economic Defense, or CADE, said the relevant markets likely to be affected were larger than initially indicated by both parties, according to a technical note. The proposed buyout concerns the dry-ground natural calcium carbonate (GCC) market.Imerys and SB Mineração reported to the watchdog that there would be horizontal overlaps in the GCC market at the national level and in the South and Southeast regions. However, the Superintendence, based on data collected from competitors, concluded the deal would result in “considerable levels of concentration” across all GCC segments and granularities — general, granulated, coarse and fine — under both geographic scenarios.According to the Superintendence’s estimates, the parties’ gross value of sales would range between 30 percent and up to 80 percent at the national and regional levels.“Unlike what was initially indicated by the parties, in principle, all relevant markets affected by the transaction are eligible for analysis under the full-form procedure,” the Superintendence said, adding that the case “requires obtaining more information for a more accurate assessment of the competition risks arising from the deal.”The Superintendence also observed that at least four companies that Imerys and SB Mineração named as rivals said they don’t operate in the dry-ground natural calcium carbonate segment. The watchdog’s investigative arm noted that this “gave rise to concerns regarding the reliability and accuracy of the supply structures” submitted by the parties.In addition, market tests showed that Imerys and SB Mineração are key suppliers in terms of product quality and production capacity, while the dry GCC market has a small number of manufacturers. Some competitors reported entry barriers to the limestone market, which is a raw material used to produce GCC.As a result, the Superintendence said it is crucial to examine in-depth the issues of market entry and competitive dynamics across Brazil, as well as engaging with a broader range of customers in the markets for granulated and coarse GCC.— What comes next —The Superintendence published the decision on March 27 (see here).For this reason, labeling the deal complex means the transaction raises antitrust issues that cannot be resolved based on the information initially provided. It allows CADE’s investigative body to conduct a deeper analysis.Imposing remedies in a potentially harmful post-transaction scenario also cannot be ruled out. Conducting a complex analysis may be extended by 90 days in addition to the standard 240-day period. CADE was expected to issue a final decision by Aug. 2.Imerys do Brasil is the Brazilian industrial arm of the Paris-based holding company Imerys Group. It has a presence in the states of Ceará, São Paulo, and Espírito Santo, operating in the extraction, processing and commercialization of industrial minerals such as ground natural calcium carbonate and perlite, which are essential for a wide range of industrial applications.SB Mineração is a Brazilian firm based in Espírito Santo that operates mines and plants mainly in the South and Southeast regions of Brazil, offering calcium carbonate products.Please email editors@mlex.com to contact the editorial staff regarding this story, or to submit the names of lawyers and advisers....

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