The research is motivated by the significant increase in multiproduct mergers in the meat-protein processing sector, whereby the largest firms now process beef, pork, and chicken. This thesis conducts a theoretical merger analysis, accounting for both within- and across-submarket substitution of demand related goods. The model developed is suitable for analyzing markets in which there are identifiable consumer submarkets within a larger market. The results indicate two primary findings. The first finding is that Bertrand firms have a unilateral incentive to merge. Firms involved in a given merger increase profit, as well as those not included in the merger. Second, it is found that without sufficient realized scope economies by the merged firm, significant anticompetitive price increases are likely. However, as substitutability within and across submarkets tend towards each other in magnitude, the required cost reductions for welfare neutrality increase vastly. Additionally, guidelines for future empirical analysis are discussed.

nÃo hà / The purpose of this research is evaluate CADEâs decisions about the mergers Santander à Real (2007), Itaà à Unibanco (2008), Gol à Webjet (2011) e Trip à Azul (2012), using the event study methodology. This methodology proposed by Eckbo (1983) lies on market efficiencyâs hypothesis which says the market value of a firm reflects the present value of its expected cash flow. Hereupon, Eckbo (1983) argues that anticompetitive mergers are good also for rivals of the merging firms. Since the price increases of merging firms also enables rivals to increase their own price. So, if the market assess the merger as anticompetitive, the rival firmâs stocks will increase with the announcement of this transaction. The results demonstrate a high level of efficiency of CADEâs decisions. / O objetivo deste trabalho à avaliar decisÃes tomadas pelo CADE relacionadas Ãs fusÃes Santander à Real (2007), Itaà à Unibanco (2008), Gol à Webjet (2011) e Trip à Azul (2012) utilizando a metodologia de estudos de eventos. Esta metodologia proposta por Eckbo (1983) reside na hipÃtese de eficiÃncia do mercado de aÃÃes que nos diz que o valor de mercado de uma firma reflete o valor presente de seu fluxo de caixa esperado. Dito isto, Eckbo (1983) argumenta que fusÃes anticompetitivas sÃo boas nÃo apenas para as merging firms, mas tambÃm para suas rivais, pois, uma elevaÃÃo nos preÃos da nova firma permite que as rivais elevem tambÃm o preÃo de seus produtos. Se o mercado financeiro à eficiente e avalia que uma determinada fusÃo serà anticompetitiva, à sinalizado como resposta ao anÃncio desta fusÃo uma elevaÃÃo no valor das das aÃÃes das empresas rivais. A metodologia de estudos de eventos demonstrou que o CADE vem atingindo um elevado nÃvel de eficiÃncia em suas decisÃes.

The diploma thesis deals with mergers. The main target of this thesis is to carry out the analysis of mergers undertaken during year 2015 in the Czech Republic. The introductory part of the thesis describes the basic theoretical aspects of mergers, including statutory regulation, forms of mergers and motivates to the use of mergers. The big attention is dedicated to the debt push-down. Debt push-down enables the operating income and the interest expense on the acquisition loan to meet at the level of one entity and meet conditions for the tax deductibility of the interests. The main core of the thesis is the analysis of mergers undertaken during year 2015 in the Czech Republic. The last part of the thesis compares the mergers realized in the Czech Republic during the period from 2010-2015.