Mind the VGUPPI reflections about the implementation of v.GUPPI as first screening parameter for Vertical Mergers Acts submitted to Cade

Main Article Content

Ana Sofia Cardoso Monteiro Signorelli
Thiago Pedra Signorelli
Matheus Carvalho Silva

Abstract

This article reflects on the absence of an indicator of its own that can be used together with the market shares that today serve as the only metric for screening the Vertical Mergers Acts that will follow the summary procedure and those that, due to their
greater complexity and, consequently, with the greatest chances of producing anticompetitive effects, must follow the ordinary rite. The objective of the article is to present vGUPPI , a new metric that calculates agents' incentives to increase the prices of goods
and services to the detriment of their competitors. In view of the difficulties that verticalization imposes for antitrust authorities, it is considered that vGUPPI can become a viable alternative to sophisticate Cade’s antitrust analysis.

Downloads

Download data is not yet available.

Article Details

How to Cite
Signorelli, A. S. C. M., Signorelli, T. P., & Silva, M. C. (2024). Mind the VGUPPI: reflections about the implementation of v.GUPPI as first screening parameter for Vertical Mergers Acts submitted to Cade. Revista Do IBRAC, (1), 9–27. Retrieved from https://revista.ibrac.org.br/index.php/revista/article/view/252
Section
Artigos para Revista do IBRAC
Author Biographies

Ana Sofia Cardoso Monteiro Signorelli

Advogada e Economista. Mestre em Finanças. Doutoranda em Direito (USP). Foi Coordenadora-Geral
Antitruste/CADE e Assessora no Supremo Tribunal Federal. Sócia do escritório Buzzi Signorelli
Advocacia

Thiago Pedra Signorelli

Engenheiro Elétrico e de Computação. Doutor e Mestre em Administração, com ênfase em Finanças pela
UFRJ. Servidor Federal na Secretaria de Reformas Econômicas do Ministério da Fazenda.

Matheus Carvalho Silva

Advogado especializado em direito antitruste em Brasília

References

AZEVEDO, Paulo Furquim de. Restrições Verticais e Defesa da Concorrência: a experiência brasileira. São Paulo: Fundação Getúlio Vargas, Escola de Economia de São Paulo. Textos para Discussão nº 264, Julho de 2010. Disponível em: https://repositorio.fgv.br/server/api/core/bitstreams/6787e4dc-9bb6-45d6-91e4-a56d070faaf8/content. Acesso em: 29 jul. 2023.

BAKER, Jonathan B. et al. Five Principles for Vertical Merger Enforcement Policy. Antitrust, v. 33, n. 3, Summer 2019. Georgetown Law Faculty Publications and Other Works, 2148. Available at: https://scholarship.law.georgetown.edu/facpub/2148. Access in: 29 jul. 2023.

BRASIL. Ministério da Justiça e Segurança Pública. Conselho Administrativo de Defesa Econômica (CADE). Nota Técnica nº 30/2022/DEE/CADE (Versão Pública). Ato de Concentração nº 08700.003959/2022-35, p. 1-94. Disponível em: https://cdn.cade.gov.br/Portal/centrais-de-conteudo/publicacoes/estudoseconomicos/notastecnicas/2022/SEI_CADE%20-%201145650%20-%20Nota%20T%C3%A9cnica%2030%20-%20ANEXO%20-%2008700003959-2022-35.pdf. Acesso em: 29 jul. 2023.

BRASIL. Ministério da Justiça e Segurança Pública. Conselho Administrativo de Defesa Econômica. Resolução 33, de 14 de abril de 2022. Disciplina a notificação dos atos de que trata o artigo 88 da Lei nº 12.529, de 30 de novembro de 2011, prevê procedimento sumário de análise de atos de concentração e consolida as Resoluções nº 02/2012, 09/2014 e 16/2016. Diário Oficial da União, 19 abr. 2022, Edição 74, Seção 1, p. 72. Disponível em https://www.in.gov.br/web/dou/-/resolucao-cade-n-33-de-14-de-abril-de-2022-394063356. Acesso em: 7 set. 2023.

CALKINS, Stephen. The New Merger Guidelines and the Herfindahl-Hirschman Index. California Law Review, v. 71, n. 2, p. 402-429, mar. 1983. Available at: https://doi.org/10.2307/3480160. Access in: 29 jul. 2023.

COMPETITION & MARKETS AUTHORITY. Anticipated acquisition by Tesco PLC of Booker Group plc, p. 1-145, 26 dec. 2017. Available at: https://assets.publishing.service.gov.uk/media/5a0c0e9040f0b60b06afe3de/tescobooker-provisional-findings-report.pdf. Access in: 17 sep. 2022.

DOMNENKO, Gleb; SIBLEY, David S. Simulating Vertical Mergers and the Vertical GUPPI Approach, 1.º jan. 2019. Available at: https://ssrn.com/abstract=3447687. Access in: 29 jul. 2023.

ESTEVES, Luiz Alberto. A nova Lei da Concorrência, o Novo Guia H e a análise de Atos de Concentração sem delimitação de mercado relevante. In: CAMPILONGO, Celso; PFEIFFER, Roberto (orgs.). Evolução do antitruste no Brasil. São Paulo: Singular, 2018, p. 685-696.

EUROPEAN COMMISSION. Guidelines on the assessment of horizontal mergers under the Council Regulation on the control of concentrations between undertakings. Official Journal of the European Union, [s. l.], p. 1-14, 2 maio 2004. Available at: https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:52004XC0205(02)&from=EN. Access in: 8 set. 2022.

FAIR, Rebecca Kirk; BEFURT, Rene; COTTON, Emily. The Tiranny of Market Shares: Incorporating Survey-Based Evidence into Merger Analysis. Corporate Disputes Magazine, jul./sep. 2018. Available at: https://www.analysisgroup.com/globalassets/content/insights/publishing/the_tyranny_of_market_shares_analysis_group_2018.pdf. Access in: 29 jul. 2023.

INTERNATIONAL COMPETITION NETWORK. ICN Vertical Mergers Survey Report. Competition & Markets Authority, [s.l.], p. 1-53, 2018. Available at: https://www.internationalcompetitionnetwork.org/wpcontent/uploads/2018/10/MWG_SurveyreportVerticalMergers2018.pdf. Access in: 29 jul. 2023.

KUPFER, David; HASENCLEVER, Lia. Economia Industrial: Fundamentos Teóricos e Práticas no Brasil. 1.ª ed. São Paulo: Elsevier, 2002.

LAFONTAINE, Francine; SLADE, Margaret E. Presumptions in Vertical Mergers: The Role of Evidence. Review of Industrial Organization, v. 59, n. 2, p. 255-272, sep. 2021.

MORESI, Serge; SALOP, Steven C. Quantifying the Increase in “Effective Concentration” from Vertical Mergers that Raise Input Foreclosure Concerns: Comment on the Draft Vertical Merger Guidelines. Georgetown Law Faculty Publications and Other Works, 24 feb. 2020. Available at: https://scholarship.law.georgetown.edu/facpub/2240/. Access in: 29 jul. 2023.

MORESI, Serge; SALOP, Steven C. vGUPPI: Scoring unilateral pricing incentives in vertical mergers. Antitrust Law Journal, v. 79, n. 1, p. 185-214, 2013. Available at: www.jstor.org/stable/43486956. Access in: 29 jul. 2023.

MORESI, Serge; SALOP, Steven C. When Vertical is Horizontal: How Vertical Mergers Lead to Increases in “Effective Concentration”, 18 feb. 2021. Available at SSRN: https://ssrn.com/abstract=3761372. Access in: 29 jul. 2023.

NEVEN, Damien J. The analysis of conglomerate effects in EU merger control. Advances in the Economics of Competition Law, MIT Press, p. 1-47, dec. 2005. Available at: https://ec.europa.eu/dgs/competition/economist/conglomerate.pdf. Access in: 7 sep. 2022.

ORGANIZATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT (OECD). Market Concentration, [s. l.], p. 3, 6-8 jun. 2018. Available at: https://one.oecd.org/document/DAF/COMP/WD(2018)46/en/pdf. Access in: 8 sep. 2022.

ORGANIZATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT (OECD). Portfolio Effects in Conglomerate Mergers. Journal Competition Law & Policy, v. 4, n. 1, p. 59-151, 23 may 2002. Available at: https://doi.org/10.1787/clp-v4-art2-en. Access in: 7 set. 2022.

PAUL, Weiss. FTC Rescinds Vertical Guidelines, Introducing Opacity Into Merger Review. Antitrust, 15 set. 2021. Available at: https://www.paulweiss.com/practices/litigation/antitrust/publications/ftc-rescinds-verticalguidelines-introducing-opacity-into-merger-review?id=40984. Access in: 9 sep. 2022.

SALOP, Steven C; SCHEFFMAN, David T. Raising Rivals’ Costs. American Economic Review, v. 73, n. 2, p. 267-71, may 1983.

SILVEIRA, Paulo Burnier da. Direito da Concorrência. Rio de Janeiro: Forense, 2021.

TROST, Michael. The whole is greater than the sum of its parts: Pricing pressure indices for mergers of vertically integrated firms. Hohenheim Discussion Papers in Business, Economics and Social Sciences, n. 6, 2018.

WHISH, Richard; BAILEY, David. Competition Law. 7.ª ed. Nova York: Oxford University Press, 2012.