On March 16, 2018, Suzano Papel e Celulose S.A. (“Suzano”) announced its plan to acquire Fibria Celulose S.A. (“Fibria”). The two companies are both leading Brazilian suppliers of eucalyptus pulp in the Americas, Europe, and Asia. Compass Lexecon was retained by Freshfields Bruckhaus Deringer LLP, counsel for Suzano, to assist with obtaining regulatory approval in three key jurisdictions: the United States, Europe, and China. Compass Lexecon assembled a global team of competition economists led by Jon Orszag and Mary Coleman for the United States, Kirsten Edwards-Warren for Europe, and Elizabeth Wang for China. The teams worked together closely across various offices and assisted counsel for Suzano in preparing notifications and economic analyses. These analyses took into account local market conditions and ensured consistency across jurisdictions regarding market definition, market shares, and the impact of the transaction on pulp trade flows. Regulators in the United States, Europe, and China all cleared the transaction.
Dr. Coleman and Mr. Orszag were supported by a team led by Nauman Ilias that included John Campbell, Anh Dao, and Saikun Shi. Ms. Edwards-Warren was supported by a team led by Dennis Beling that included John Ivory, Su-Ann Lim, Jake Cheng, Anh Dao, Saikun Shi, and Conor Duggan. Dr. Wang was supported by a team also led by Dennis Beling that included John Ivory, Su-Ann Lim, Jake Cheng, Anh Dao, and Saikun Shi. The Compass Lexecon teams worked closely with Paul Yde, Mary Lehner, and Ilana Kattan of Freshfields Bruckhaus Deringer LLP in Washington, D.C., Rafique Bachour, Paul Vandenberg, Laurent Bougard, and Olivier Van den Rul of Freshfields Bruckhaus Deringer LLP in Brussels, Ninette Dodoo, Donghao Cui, and Tracy Lu of Freshfields Bruckhaus Deringer LLP in Beijing.