GCR 100 2020

LCA Consultores

LCA Consultores

Professional notice

Global headsBernardo Macedo, Sílvia Almeida
Home jurisdictionBrazil
Total size of firm80
Competition economists23
% of firm specialised29%
Who’s Who Legal: Competition nominees3
Group one4
Group two4
Group three3
Group four12
Lateral hires0
Internal promotions3

LCA Consultores had an impressive year that included working on a deal nominated for Merger Control Matter of the Year – Americas in the GCR awards.

This was Brazilian pulp and paper company Suzano’s acquisition of Fibria, creating the world’s largest hardwood pulp producer. The team was in charge of developing the economic arguments that were included in the notification of the deal to Brazil’s Administrative Council for Economic Defence, as well as estimating upstream and downstream market shares. The analysis included the difference in international and national pulp prices and the competitiveness of the pulp industry. The deal required notifications and thus close coordination with lawyers and economists in multiple jurisdictions. It was cleared unconditionally.

LCA also provided economic advice to The Walt Disney Company regarding the Disney/Fox merger. The team developed an economic opinion on efficiencies, interacted with CADE’s commissioners, and provided economic advice during the negotiation of remedies. Again, the process saw the team liaising with lawyers and economists from other jurisdictions.

In behavioural work, the Brazilian economics consultancy advised Google in CADE’s Shopping probe. E-Commerce Media Group, which owns the main price comparison site in Brazil, accused Google of abusing its market power. The team also provided expert and consulting advice to the Consortium of Telefónica and América Móvil – major Brazilian telecoms companies – in a case against British Telecom. BT complained to CADE that the two companies, as well as third carrier Oi, had closed the market in order to provide services to Brazilian Post Service.

LCA advised for Rumo, Brazil’s main provider of rail transportation services, in a claim by sugar company Agrovia that Rumo refused to transport less sugar than previously agreed. The team is also supporting two parties in a foreign exchange cartel. One company has settled, while the other is still under scrutiny from CADE.

The team is led by Who’s Who Legal nominees Bernardo Macedo and Sílvia Almeida. Macedo has also been a non-governmental adviser to the International Competition Network for 10 years, while Almeida is director of economic affairs for the Brazillian antitrust community association IBRAC, a position previously also held by Macedo.

Founded in 1995, LCA is the largest Brazilian economic consulting firm. We have a highly qualified team of 80 fully dedicated professionals.

Our core competencies are in four areas – macroeconomics; market intelligence; investment and corporate finance; and economics & law.

LCA is the leader in competition economics in Brazil, with major achievements in antitrust, litigation and regulation. Its practice covers also trade defence, private litigation, international disputes, arbitration, tax, financial economics and valuation.

LCA offers a full-service portfolio in the economics & law practice, from strategic and technical counselling and expert economic opinions to interaction with the Brazilian antitrust authorities, regulatory agencies, and the executive, legislative and judicial branches of government.

LCA has taken part in almost every high-profile case brought before the Brazilian antitrust authorities to date, and was involved in many multijurisdictional cases – such as Suzano/Fibria, Fox/Disney, Google Search, Basf/Solenis, FX Cartel. In regulation, LCA’s practice covers a wide array of industries, such as telecoms, electric power, ports and biofuel. It has led projects in many sectors, among which banking, education, health care, cement, digital markets and advertising, automobile parts, food, beer, petrochemicals and chemicals, retail, tobacco, steel and metallurgy, fertiliser, lenses, fuel, civil aviation, orange juice, pulp and paper, and magazine distribution.

LCA’s team has more than 20 professionals fully dedicated to law & economics, with huge and diversified experience and lasting partnerships with the main law firms in Brazil. LCA is the only Brazilian consultancy that has been shortlisted five times in a row at GCR's Awards "Merger Matter - Americas" (Camargo Corrêa-Cimpor, American Chemical-Oxiteno, Kroton-Anhanguera, ArcelorMittal-Votorantim and Suzano-Fibria cases). LCA won the award in 2015 with Kroton-Anhanguera, a merger that created the biggest education firm of the Americas.


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