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Bernardo Gouthier Macedo

Bernardo Gouthier Macedo

LCA ConsultoresRua Cardeal Arcoverde, 2.450PinheirosSão PauloBrazil05408-003

Global Leader

Competition - Economists 2019

Professional Biography

WWL Ranking: Recommended

WWL says

Bernardo Gouthier Macedo is a well-established figure in the Brazilian market who is applauded for his top-tier expertise in competition economics and market intelligence matters.​

Biography

Bernardo Gouthier Macedo (PhD in economics, University of Campinas) is a founding partner of LCA, the largest Brazilian economic consultancy. Established in 1995, LCA has four practices (competition economics, macroeconomics, market intelligence, and investment and corporate finance), and a team of more than 80 dedicated economists.

Mr Macedo heads LCA’s competition economics practice, a national leader covering antitrust, regulation, international trade, private litigation, arbitration, tax, financial economics, among others. The practice has a team of some 20 highly qualified and fully dedicated economists.

Mr Macedo has extensive experience in the institutional environment and the requirements of regulatory authorities, besides lasting board-level collaborative relationships with key companies of the Brazilian economy and abroad. He has provided expert opinion and consulting services to many investigations concerning anticompetitive practices, and took part in the most complex Brazilian merger cases to date, in sectors such as steel (ArcelorMittal/Votorantim; CSN/Usiminas), chemical and seeds (Bayer/Monsanto), banking (Bradesco/HSBC; Itaú/Citibank); TV broadcast (SBT/Record/RedeTV JV); consumer goods (Reckitt Besigner/Hypermarcas); beer (AB-Inbev); petrochemicals (Braskem); pulp and paper (Suzano/Ripasa), e-commerce (Americanas/Submarino), retail (Pão de Açúcar (Casino)/Ponto Frio/Casas Bahia); pharmaceuticals (Sanofi-Aventis/Medley, Novartis/Alcon), fuel distribution (Shell/Cosan), fertilizers (Yara/Bunge), etc.

Mr Macedo was in charge of the successful Brasil Foods (Sadia/Perdigão) landmark clearance agreement. Three high-profile cases have been nominated for GCR’s Award – Merger of the Year, Americas: in the cement industry, Camargo Correa/Cimpor, creating Intercement (2013); Oxiteno/American Chemical (2014); and leading education firm Kroton in the Kroton/Anhanguera merger, which won GCR’s Award in 2015.

Bernardo Macedo has supported third parties in challenging the Ipiranga/Alesat merger (fuel distribution industry), which was eventually blocked, and the Bovespa-CETIP merger – cleared with restrictions due to vertical concerns. This latter case has also been shortlisted this year to GCR’s Award – Merger of the Year, Americas.

Mr Macedo was an officer in charge of economic issues at IBRAC, Brazil’s main professional body for competition practitioners, and is a non-governmental adviser to the International Competition Network. He was also an adviser to the finance minister in 2003.

National Leader

Brazil - Competition Economists

Professional Biography

WWL Ranking: Recommended

WWL says

Bernardo Gouthier Macedo is “involved in many cases” in the competition space, say peers who highlight him as a go-to name for market intelligence and competition economics.  ​

Biography

Bernardo Gouthier Macedo (PhD in economics, University of Campinas) is a founding partner of LCA, the largest Brazilian economic consultancy. Established in 1995, LCA has four practices (competition economics, macroeconomics, market intelligence, and investment and corporate finance), and a team of 80 dedicated economists.

Mr Macedo heads LCA's competition economics practice, a national leader covering antitrust, regulation, trade defence, private litigation, arbitration, tax, financial economics, among others. The practice has a team of 23 highly qualified and dedicated economists.

Mr Macedo has extensive experience in the institutional environment and the requirements of regulatory authorities, besides lasting board-level collaborative relationships with key companies of the Brazilian economy and abroad. He has provided expert opinion and consulting services to many investigations concerning anticompetitive practices, and took part in the most complex Brazilian merger cases to date.

In 2015, Mr Macedo advised leading education firm Kroton in its acquisition of rival Anhanguera - the case won the GCR Merger of the Year, Americas Award. Other four high-profile cases led by him have been shortlisted to that same category: ArcelorMittal's acquisition of Brazilian Votorantim's steel business, combining the second and the third largest companies in the Brazilian long steel industry (2018); Suzano's acquisition of Fibria, that created the largest global company at the pulp and paper industry (also in 2018); Oxiteno/American Chemical (2014); and, in the cement industry, Camargo Correa/Cimpor, creating Intercement (2013).

Indeed, Mr Macedo and his team at LCA have been very active in multijurisdictional deals. Last year, they advised Disney in its acquisition of Fox, and BASF, that acquired Solenis. Also, LCA's team, led by WWL's Thought Leader Silvia Fagá de Almeida, advised Google in the search engine probe - that, after seven years, was closed in a thrilling split decision, that demanded the President's casting vote.

Last year Mr Macedo’s team also advised Vale, one of the largest global mining companies, in its acquisition of Ferrous, and Itau Unibanco, Brazil’s largest bank, in its association with Ticket, from Edenred group, by means of a minority shareholding acquisition – both cleared without remedies after high profile proceedings.

Mr Macedo is active at IBRAC, Brazil's main professional body for competition practitioners, and non-governmental adviser to the International Competition Network. He was also an adviser to the finance minister in 2003.

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