September 5, 2017 / 9:33 PM / 20 days ago

Brazil watchdog arm recommends rejecting ArcelorMittal-Votorantim tie-up

SAO PAULO, Sept 5 (Reuters) - A body of Brazil’s antitrust watchdog Cade has recommended the rejection of ArcelorMittal SA’s proposed acquisition of Votorantim Siderurgia SA, saying the tie-up would impact competition in the nation’s long steel market.

In a statement on Tuesday, Cade’s general superintendency said the combination of two of Brazil’s top-three long steelmakers could lead to the elimination of relevant market players. The tie-up would also lead to potential price-fixing practices and increased purchasing power in the scrap market in Brazil’s southeastern region - the nation’s most industrious, the general superintendency said. (Reporting by Guillermo Parra-Bernal; Editing by Leslie Adler; Editing by Leslie Adler)

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