January 2005

Brahma versus Antarctica: Reversal of Fortune in Brazil’s Beer Market

By Donald Sull

The case is set in June 1999 as Marcel Telles, Chairman and Chief Executive Officer of Companhia Cervejaria Brahma (Brahma) – the largest brewer in Brazil – considers a possible merger with the Antarctica Group (Antarctica), the second-largest Brazilian brewer. If the merger were to be completed...