Cade Reopens Antitrust Probe Into 99Food Over Exclusivity Clauses

Brazil’s antitrust regulator, the Administrative Council for Economic Defense (Cade), has reversed a previous decision to archive its investigation into food delivery platform 99Food. The probe, which targets the DiDi Chuxing-owned delivery service, was officially reopened after Cade’s tribunal decided to take over the case. The regulatory escalation could reshape the competitive landscape of Brazil's food delivery sector, challenging the market dominance of major players and impacting investor sentiment.

The antitrust dispute was initiated by competitor Keeta, the international delivery brand of Chinese tech giant Meituan. Keeta alleges that 99Food utilizes "banishment clauses" and restrictive exclusivity agreements that prevent partner restaurants from using rival delivery applications. While Cade's General Superintendent had archived the case in late June on the grounds that 99Food lacked a dominant market position, Cade’s interim president, Diogo Thomson de Andrade, intervened to bring the case before the tribunal, citing a need for deeper market analysis.

The regulatory watchdog noted that further investigation is required to assess the impact of these exclusivity agreements on digital markets, particularly regarding access to strategic restaurant chains. In response, 99Food stated it received the decision with tranquility and remains confident in the legality of its commercial practices.

This antitrust development comes amid broader market movements in Brazil. On the corporate front, major equities showed mixed results, with Petrobras (PETR4) trading at 37.83 (+0.08%), Vale (VALE3) at 77.97 (+0.12%), and Itaú Unibanco (ITUB4) rising to 42.44 (+0.62%). Meanwhile, Brazil's benchmark index, the Ibovespa (IBOV), edged down to 171688.61 (-0.20%).