Movida opposes Localiza acquisition of Unidas

Movida opposes Localiza acquisition of Unidas

Corporate & Sovereign Strategy Equity M&A Capital Markets Latin America South America Brazil

Brazilian car rental company Movida said Monday that it asked local anti-trust authority CADE to block the acquisition of Localiza by rival Unidas due to the impact the tie-up would have on competition in the sector. Movida said in a securities filing that it had intervened "as an interested third party" and added that the Localiza-Unidad deal brought up "competition concerns." In September last year, Localiza struck a deal to acquire 76.9% of Unidas in an all-share offer that was said to be wor

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