Brazil’s antitrust authority CADE has ruled against a restructuring plan that Swiss food giant Nestlé had proposed as a way of allowing it to keep hold of Brazilian confectionery firm Garoto.
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CADE’s board voted against the plan 3-2 and reiterated its order for Nestlé to divest Garoto, reported Dow Jones International News.
Nestlé acquired Garoto in February 2002 for US$230m, but the antitrust authority ruled earlier this year that the Swiss company must divest Garoto because of competition concerns.
Nestlé has since been trying to come up with proposals, including the sale of some brands, that would allow it to keep hold of the Brazilian company.
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