Fusão Sadia/Perdigão: Análise do caso sob a metodologia de estudos de eventos

Abstract

This study's main objective is to try to identify the competitive effect of the merger between Sadia and Perdigão in the food market in Brazil. Since both companies have shares in the Stock Exchange, a good method to check this competitive effect is by using the Event Study. This methodology has the merit objectivity and may result in relatively simple cases: if the merger is procompetitive , the abnormal returns of rivals of the merged firms showed negative signs, otherwise, the merger may be considered anticompetitive. For database, it was used as source the Ibovespa, and data ECONOMATICA. The econometric model is a traditional OLS. The returns within the normal trajectory of financial assets will be calculated from a estimation window and the abnormal returns are calculated within the event window. Tests will be done to check the statistical significance of the data. Results of the study show that the merger can not be considered procompetitive. Results consistent with the decision of CADE.