Asunción, January 6, 2026 — Paraguay’s Tribunal de Cuentas has upheld a decision by the National Competition Commission (CONACOM) rejecting a proposed concentration involving meat processor Frigomerc S.A., reinforcing the authority’s role in scrutinizing transactions that could harm market structure.
In a ruling dated December 29, 2025, the First Chamber of the Tribunal de Cuentas dismissed a contentious-administrative action brought by Frigomerc against CONACOM Resolution D/AL No. 18 of September 21, 2020. The court’s decision confirms the legality and technical soundness of the authority’s assessment and closes the judicial challenge.
The case stems from a notified transaction between Frigomerc and Frigorífico Norte S.A. (Frigonorte), submitted to CONACOM on June 26, 2020. After reviewing the operation, CONACOM concluded that approving the deal would have strengthened the dominant position of the Athena Foods group — of which Frigomerc forms part — in the market for the acquisition of cattle for slaughter.
According to CONACOM, the notifying party failed to demonstrate that the transaction’s competitive harm would be offset by efficiency gains. The authority also found that the remedies proposed by Frigomerc did not meet legal standards, as they were not directly linked to addressing the reinforcement of buyer power and did not contribute sufficiently to economic or social progress.
In its analysis, CONACOM pointed to the oligopsonistic characteristics of the cattle procurement market, Athena Foods’ high market share, significant barriers to entry and the limited ability of existing or potential competitors, suppliers and customers to counteract increased market power. These factors led the authority to conclude that the transaction would be incompatible with Paraguay’s competition law.
By rejecting Frigomerc’s appeal, the Tribunal de Cuentas has effectively validated CONACOM’s approach to merger control and strengthened legal certainty around the enforcement of competition rules in Paraguay, confirming the commission’s capacity to intervene in transactions that pose risks to market balance.
