M&A no Brasillições jurídicas de operações anunciadas que não se concretizaram

Resumo

The present study analyzes merger and acquisition (M&A) transactions announced in Brazil which, despite their significant economic relevance and public visibility, were not completed. Inspired by Robert Bruner’s Deals from Hell, the research starts from the hypothesis that understanding failures provides essential legal and practical lessons for the improvement of corporate law. Four paradigmatic cases were examined: (i) the frustrated joint venture between Boeing and Embraer; (ii) the attempted association between Grupo Pão de Açúcar and Carrefour; (iii) the negotiations between LyondellBasell and Braskem; and (iv) the blocked merger between Estácio and Kroton. The analysis, based on documents from CVM, CADE, journalistic sources and the doctrine, shows that factors such as the absence of well-structured contractual clauses, disregard for regulatory risks, breach of fiduciary duties, and informational inconsistency contributed to the failure of these transactions. The study concludes that a critical assessment of these operations provides valuable insights for mitigating risks, strengthening governance, and improving contractual structuring in future M&A transactions in Brazil.

Ficha do documento

Tipo

Outro

Ano

2025

Instituição

Fundação Getulio Vargas

Fonte

Repositório da FGV

Idioma

Português

Acesso

Acesso aberto

Identificador

oai:repositorio.fgv.br:10438/37691

Temas

Governança

Palavras-chave

Fusões e AquisiçõesM&ADireito EmpresarialOperações não ConcretizadasCláusulas ContratuaisGovernança CorporativaCVMCADEBoeingEmbraerPão de AçúcarCarrefourBraskemLyondell BasellKrotonEstácioDireitoEmpresas - Fusão e incorporaçãoClausulas (Direito)Negligencia (Direito)