Food giant Nestlé is “quite confident” that Brazilian courts will deliver a favourable ruling in an antitrust case that has held back its business in the country.
According to a report in Dow Jones, Paul Bulcke, Nestlé vice president for the Americas said: “We have a good case, we put forth good arguments.”
In 2002, Nestlé acquired local company Garoto for US$230m. In February 2004, the Brazilian antitrust body, Cade, said that Nestlé would have to sell Garoto because the two companies would have a market share as high as 90% for some products.
To resolve this situation, Nestlé reportedly offered to sell assets worth $70m in order to keep the Brazilian company.
While it awaits Cade’s final decision Nestlé is conducting business as usual in Brazil, Dow Jones said.