Cade Relator Sends Gun-Jumping Allegations on Azul–American Deal to Antitrust Watchdog

Overview

• Relator Diogo Thomson de Andrade forwarded IPSConsumo’s filing that alleges premature integration between Azul and American Airlines to Cade’s General Superintendence for examination.
• IPSConsumo asked the authority to open an APAC and warned of possible governance impacts and sensitive-information exchanges involving United Airlines.
• Cade’s tribunal unanimously cleared on February 11 an increase in United’s minority stake in Azul to about 8% during the Brazilian carrier’s U.S. Chapter 11 process.
• Azul subsequently reported addenda to investment agreements showing United and American committed $100 million each, integrated into a reorganization plan approved by the U.S. bankruptcy court.
• The prior approval relied on an antitrust protocol and advance reporting of governance changes, and failure to meet those conditions could prompt a reassessment.