By Brazil Stock Guide – Brazil’s antitrust authority approved APM Terminals’ purchase of the remaining 50% of Brasil Terminal Portuário, or BTP, at the Port of Santos in São Paulo. The transaction will give Maersk (MAERSK-B.CO; AMKBF) full control of the container terminal.
The deal, approved without conditions, still requires clearance from Brazil’s National Waterway Transport Agency, known as Antaq. BTP is currently jointly controlled by APM Terminals and Terminal Investment Limited, or TiL, an investment company linked to MSC.
Cade sees limited competitive impact
Cade’s General Superintendence determined that the transaction does not create relevant competitive concerns. The authority said APM Terminals already held joint control of BTP and that competitive relationships among the companies operating in Santos predated the proposed acquisition.
According to the assessment, the transaction mainly consolidates ownership of the terminal without materially changing the structure of the port-services market.
The approval allows Maersk to move toward exclusive control of BTP, subject to regulatory authorization by Antaq.
ICTSI challenge rejected
Cade rejected a request by International Container Terminal Services Inc. (ICT.PS) to participate in the case as a third party. The Philippine port operator argued that the transaction could strengthen Maersk’s position, increase the risk of commercial discrimination and give major industry groups greater ability to coordinate.
ICTSI also cited potential implications for the future of Tecon Santos 10, a planned mega-container terminal.
Cade concluded that ICTSI had not shown sufficient legal standing or demonstrated that its arguments were directly relevant to the concentration review.
Tecon Santos 10 remains outside the review
The authority said its analysis was limited to the competitive effects of the BTP transaction. It did not address rules, requirements or conditions that could apply to a future auction of Tecon Santos 10.
As a result, the decision covers only the transfer of ownership in BTP and does not establish Cade’s position on the licensing or bidding framework for the future terminal.
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