{"id":2377,"date":"2026-07-15T15:53:06","date_gmt":"2026-07-15T18:53:06","guid":{"rendered":"https:\/\/www.gtlawyers.com.br\/?p=2377"},"modified":"2026-07-15T16:41:23","modified_gmt":"2026-07-15T19:41:23","slug":"brasil-e-mercosul-um-novo-eldorado-para-fusoes-e-aquisicoes","status":"publish","type":"post","link":"https:\/\/www.gtlawyers.com.br\/fr\/artigos\/brasil-e-mercosul-um-novo-eldorado-para-fusoes-e-aquisicoes\/","title":{"rendered":"Le Br\u00e9sil et le Mercosur: un nouvel eldorado pour les fusions et acquisitions?"},"content":{"rendered":"<p class=\"wp-block-paragraph\"><em>Par Tamy Tanzilli \u2014 GT Lawyers <\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Depuis l\u2019entr\u00e9e en vigueur provisoire de l\u2019accord de partenariat entre l\u2019Union europ\u00e9enne et le Mercosur le 1er mai 2026, la question de l\u2019implantation des entreprises europ\u00e9ennes en Am\u00e9rique du Sud \u2014 et plus particuli\u00e8rement des PME au Br\u00e9sil \u2014 s\u2019est impos\u00e9e comme l\u2019une des plus strat\u00e9giques de l\u2019ann\u00e9e. \u00c0 l\u2019heure o\u00f9 les blocs \u00e9conomiques se reconfigurent, le march\u00e9 br\u00e9silien cristallise les ambitions des investisseurs en qu\u00eate de relais de croissance. Mais s\u2019agit-il v\u00e9ritablement d\u2019un eldorado pour les op\u00e9rations de fusions et acquisitions (M&amp;A)? La r\u00e9ponse suppose d\u2019examiner \u00e0 la fois les fondements juridiques du trait\u00e9, les r\u00e9alit\u00e9s du march\u00e9 et les contraintes op\u00e9rationnelles qui demeurent.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>I. Une attractivit\u00e9 structurelle confirm\u00e9e<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Avant m\u00eame d\u2019\u00e9voquer les m\u00e9canismes juridiques, il convient de rappeler une r\u00e9alit\u00e9 \u00e9conomique fondamentale. Ensemble, l\u2019Union europ\u00e9enne et les quatre \u00c9tats membres du Mercosur (Argentine, Br\u00e9sil, Paraguay, Uruguay) repr\u00e9sentent un espace de plus de 720 millions de consommateurs, selon les donn\u00e9es de la Commission europ\u00e9enne. Pour une entreprise cherchant \u00e0 se d\u00e9velopper \u00e0 l\u2019international, cette masse critique constitue en elle-m\u00eame un argument d\u00e9cisif.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Le Br\u00e9sil occupe une place pr\u00e9pond\u00e9rante dans cet ensemble. Selon la Pesquisa Fus\u00f5es e Aquisi\u00e7\u00f5es publi\u00e9e par KPMG Brasil en f\u00e9vrier 2025, le march\u00e9 br\u00e9silien a enregistr\u00e9 1 582 transactions de M&amp;A en 2024, soit une hausse de 5 % par rapport \u00e0 2023 (1 505 transactions), mettant fin \u00e0 deux ann\u00e9es cons\u00e9cutives de recul. Les op\u00e9rations domestiques ont repr\u00e9sent\u00e9 981 transactions, tandis que 601 impliquaient des acteurs \u00e9trangers, dont 394 acquisitions r\u00e9alis\u00e9es par des groupes \u00e0 capital majoritairement \u00e9tranger. Les \u00c9tats-Unis ont \u00e9t\u00e9 les premiers investisseurs \u00e9trangers (259 transactions), suivis du Canada (35), du Royaume-Uni (33), de l\u2019Espagne (23) et de la France (18). Par ailleurs, le Br\u00e9sil maintient son leadership sur le continent : selon le rapport Aon\/TTR Data de f\u00e9vrier 2025, il concentrait 1 674 transactions annonc\u00e9es et cl\u00f4tur\u00e9es en 2024, sur un total latin-am\u00e9ricain de 2 904, confirmant sa position de premier march\u00e9 de la r\u00e9gion. Les secteurs leaders restent la technologie, les \u00e9nergies renouvelables, les services financiers et l\u2019agroalimentaire.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sur le plan juridique, l\u2019accord UE\u2013Mercosur \u00e9tablit un cadre favorable \u00e0 ces op\u00e9rations. L\u2019article 1.2, point f, fixe parmi ses objectifs fondamentaux l\u2019am\u00e9lioration des conditions d\u2019\u00e9tablissement des entreprises, en cr\u00e9ant un cadre juridique stable, pr\u00e9visible et non discriminatoire pour les op\u00e9rateurs \u00e9conomiques des deux blocs. Cette disposition irrigue l\u2019ensemble du volet investissement du trait\u00e9.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">L\u2019un des apports les plus significatifs pour les op\u00e9rations de M&amp;A r\u00e9side dans le chapitre 10 de l\u2019accord, relatif aux services et \u00e0 l\u2019\u00e9tablissement des entreprises. Son article 10.3.1 consacre le principe de non-discrimination : les entreprises europ\u00e9ennes accueillies au Br\u00e9sil doivent \u00eatre trait\u00e9es de mani\u00e8re comparable aux entreprises locales ou aux investisseurs des autres pays du Mercosur, d\u00e8s lors qu\u2019elles remplissent les crit\u00e8res d\u2019\u00e9tablissement en vigueur. Attention toutefois \u00e0 ne pas lire cette disposition comme une \u00e9quivalence totale : l\u2019article 10.3.1 n\u2019\u00e9limine pas toutes les r\u00e9serves sectorielles list\u00e9es en annexe (notamment les annexes 10-C et 10-E), et plusieurs exigences de droit interne br\u00e9silien demeurent pleinement applicables, comme nous le verrons.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Le trait\u00e9 comporte \u00e9galement un chapitre d\u00e9di\u00e9 aux PME (article 14.1 et suivants), pr\u00e9voyant la cr\u00e9ation d\u2019un coordinateur pour les PME avec une repr\u00e9sentation de chaque partie (article 14.3) et des m\u00e9canismes de partage d\u2019informations sur les conditions d\u2019acc\u00e8s au march\u00e9 (article 14.2). Cette dimension est d\u2019autant plus pertinente que les PME repr\u00e9sentent 98 % des entreprises br\u00e9siliennes, selon les donn\u00e9es de la Commission europ\u00e9enne.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>II. L\u2019acquisition: le vecteur d\u2019entr\u00e9e id\u00e9al pour acc\u00e9l\u00e9rer au Br\u00e9sil?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pour une entreprise europ\u00e9enne souhaitant s\u2019implanter rapidement au Br\u00e9sil, la fusion-acquisition (M&amp;A) repr\u00e9sente souvent le vecteur d\u2019entr\u00e9e le plus attractif car cela permet d\u2019acc\u00e9der en une seule op\u00e9ration \u00e0 des actifs op\u00e9rationnels, des \u00e9quipes en place et un r\u00e9seau commercial d\u00e9j\u00e0 \u00e9tabli.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Les atouts de l\u2019acquisition<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Acc\u00e8s imm\u00e9diat au march\u00e9 : clients, \u00e9quipes, contrats et op\u00e9rations existants permettent d\u2019\u00e9viter la p\u00e9riode \u2014 souvent longue \u2014 de d\u00e9marrage et de construction de visibilit\u00e9.<\/li>\n\n\n\n<li>Acc\u00e9l\u00e9ration forte du d\u00e9veloppement : l\u2019acqu\u00e9reur b\u00e9n\u00e9ficie imm\u00e9diatement de synergies op\u00e9rationnelles, commerciales et humaines, sans attendre la mont\u00e9e en puissance organique d\u2019une nouvelle structure.<\/li>\n\n\n\n<li>Positionnement strat\u00e9gique imm\u00e9diat : l\u2019acquisition d\u2019un acteur \u00e9tabli conf\u00e8re une l\u00e9gitimit\u00e9 locale que des ann\u00e9es d\u2019efforts commerciaux n\u2019auraient pas forc\u00e9ment permis d\u2019atteindre aussi vite.<\/li>\n\n\n\n<li>Continuit\u00e9 de l\u2019activit\u00e9 : la cible conserve ses relations contractuelles, ses autorisations r\u00e9glementaires et sa base de clients, ce qui pr\u00e9serve la valeur op\u00e9rationnelle de l\u2019op\u00e9ration.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Les risques \u00e0 anticiper<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Passifs latents : le droit br\u00e9silien organise une responsabilit\u00e9 solidaire en mati\u00e8re fiscale et sociale. L\u2019acqu\u00e9reur peut se voir opposer les dettes fiscales, sociales et environnementales de la cible, ant\u00e9rieures \u00e0 la transaction, m\u00eame non apparentes au moment de la n\u00e9gociation. Une <u>due diligence approfondie<u> <\/u><\/u> \u2014 fiscale, sociale, environnementale et r\u00e9glementaire \u2014 est donc indispensable pour identifier le niveau de risques avant de s\u2019engager.<\/li>\n\n\n\n<li>Int\u00e9gration culturelle : le management interculturel repr\u00e9sente l\u2019un des facteurs de succ\u00e8s les plus sous-estim\u00e9s. Les entreprises fran\u00e7aises qui n\u00e9gligent cet aspect \u2014 modes de management, communication interne, rapport \u00e0 la hi\u00e9rarchie \u2014 rencontrent des difficult\u00e9s significatives dans leurs op\u00e9rations post-acquisition.<\/li>\n\n\n\n<li>Co\u00fbts de transaction \u00e9lev\u00e9s : audit, n\u00e9gociation des contrats d\u00e9finitifs, prise de contr\u00f4le (take over), honoraires de conseil juridique et fiscal \u2014 le co\u00fbt total du projet peut \u00eatre significatif.<\/li>\n\n\n\n<li>Gouvernance parfois rigide : certaines structures br\u00e9siliennes maintiennent des clauses d\u2019agr\u00e9ment, des droits de pr\u00e9emption des associ\u00e9s ou des m\u00e9canismes de blocage qui complexifient la prise de contr\u00f4le et, le cas \u00e9ch\u00e9ant, la sortie de l\u2019acqu\u00e9reur.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Ces risques sont r\u00e9els mais ma\u00eetrisables. Ils illustrent avant tout la n\u00e9cessit\u00e9 d\u2019une pr\u00e9paration rigoureuse \u00e0 toute op\u00e9ration M&amp;A au Br\u00e9sil. Les secteurs o\u00f9 certaines restrictions s\u2019appliquent aux investissements \u00e9trangers \u2014 notamment l\u2019\u00e9nergie, les infrastructures ou le milieu rural (annexes 10-C et 10-E de l\u2019accord) \u2014 appellent une analyse sp\u00e9cifique en amont. Mais en dehors de ces cas, le march\u00e9 br\u00e9silien reste largement ouvert, et les chiffres l\u2019attestent : 601 transactions cross-border en 2024, dont 394 men\u00e9es par des groupes \u00e0 capital majoritairement \u00e9tranger (KPMG Brasil, f\u00e9vrier 2025).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>III. Les points de vigilance juridiques et fiscaux<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>1. L\u2019obligation de repr\u00e9sentation l\u00e9gale<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">En droit br\u00e9silien, notamment au titre du C\u00f3digo Civil (article 1.134) et des r\u00e8gles encadrant les soci\u00e9t\u00e9s par action (Lei das S.A. n\u00b0 6.404\/76), la d\u00e9signation d\u2019un repr\u00e9sentant l\u00e9gal r\u00e9sidant au Br\u00e9sil demeure obligatoire pour toute entit\u00e9 \u00e9trang\u00e8re souhaitant s\u2019immatriculer ou acqu\u00e9rir une soci\u00e9t\u00e9 sur le territoire. Cette obligation de procuration \u2014 le mandato \u2014 est plus qu\u2019une formalit\u00e9 administrative. Elle emporte des cons\u00e9quences pratiques importantes : responsabilit\u00e9 du mandataire, n\u00e9cessit\u00e9 d\u2019identifier un profil de confiance disposant d\u2019une connaissance du droit et des usages locaux, et risques en cas de d\u00e9faillance du repr\u00e9sentant d\u00e9sign\u00e9. Cette contrainte conditionne en r\u00e9alit\u00e9 la validit\u00e9 de nombreuses op\u00e9rations et impose de s\u2019entourer d\u2019un conseil juridique local d\u00e8s les premi\u00e8res \u00e9tapes d\u2019un projet d\u2019implantation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>2. Le contr\u00f4le pr\u00e9alable du CADE<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Toute op\u00e9ration de concentration susceptible de produire des effets sur le territoire br\u00e9silien est soumise, sous certaines conditions, \u00e0 un contr\u00f4le pr\u00e9alable du Conselho Administrativo de Defesa Econ\u00f4mica (CADE), l\u2019autorit\u00e9 br\u00e9silienne de la concurrence. En application de l\u2019article 88 de la Lei 12.529\/2011, la notification est obligatoire lorsqu\u2019au moins l\u2019un des groupes concern\u00e9s a r\u00e9alis\u00e9 un chiffre d\u2019affaires brut annuel au Br\u00e9sil \u00e9gal ou sup\u00e9rieur \u00e0 750 millions de reais, et qu\u2019un autre groupe a r\u00e9alis\u00e9 au moins 75 millions de reais. Ces seuils sont cumulatifs. La proc\u00e9dure de contr\u00f4le peut prendre jusqu\u2019\u00e0 240 jours, prolongeables de 90 jours suppl\u00e9mentaires. Toute r\u00e9alisation anticip\u00e9e de l\u2019op\u00e9ration avant d\u00e9cision du CADE expose les parties \u00e0 des amendes significatives (gun-jumping) et \u00e0 la nullit\u00e9 des actes d\u00e9j\u00e0 accomplis. Ce d\u00e9lai de contr\u00f4le doit \u00eatre anticip\u00e9 d\u00e8s la phase de structuration de l\u2019op\u00e9ration.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>3. L\u2019impact de la r\u00e9forme fiscale : nouveaut\u00e9 critique pour l\u2019investisseur europ\u00e9en<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">L\u2019accord UE\u2013Mercosur n\u2019harmonise pas la fiscalit\u00e9 directe. Les taux d\u2019imposition applicables aux soci\u00e9t\u00e9s et aux flux de revenus varient selon les pays du Mercosur, et les conventions fiscales bilat\u00e9rales existantes entre \u00c9tats membres et pays du Mercosur restent essentielles pour optimiser la structuration des investissements transfrontaliers.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dans ce contexte, une r\u00e9forme fiscale d\u2019ampleur est entr\u00e9e en vigueur au Br\u00e9sil au 1er janvier 2026 et affecte directement le calcul du rendement attendu d\u2019une acquisition. La loi n\u00b0 15.270\/2025, sancionn\u00e9e le 26 novembre 2025, a r\u00e9introduit une retenue \u00e0 la source (IRRF) de 10 % sur les lucros et dividendes distribu\u00e9s par une personne morale \u00e0 une personne physique r\u00e9sidant au Br\u00e9sil, lorsque le montant mensuel distribu\u00e9 par une m\u00eame source d\u00e9passe 50 000 reais. Pour les non-r\u00e9sidents \u2014 dont les investisseurs europ\u00e9ens \u2014 la retenue de 10 % s\u2019applique ind\u00e9pendamment du montant distribu\u00e9, sans franchise. Cette mesure, confirm\u00e9e par la Receita Federal dans son instruction normative RFB n\u00b0 2299 du 18 d\u00e9cembre 2025, met fin \u00e0 pr\u00e8s de trente ans d\u2019exon\u00e9ration totale sur les dividendes distribu\u00e9s et modifie substantiellement le calcul du retour sur investissement pour tout acqu\u00e9reur europ\u00e9en.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Par ailleurs, la r\u00e9forme de la TVA br\u00e9silienne \u2014 cr\u00e9ation des taxes CBS et IBS, en cours de d\u00e9ploiement jusqu\u2019en 2033 \u2014 modifie la structure de charge fiscale selon les secteurs. Dans le cadre d\u2019une acquisition, la valorisation d\u2019une cible peut \u00e9voluer significativement selon son positionnement sectoriel par rapport \u00e0 cette r\u00e9forme. Une due diligence fiscale compl\u00e8te, int\u00e9grant \u00e0 la fois le r\u00e9gime IRRF sur les dividendes et les effets de la r\u00e9forme indirecte, est indispensable avant toute valorisation d\u2019actif.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Conclusion<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Le Br\u00e9sil, adoss\u00e9 \u00e0 la dynamique du Mercosur et \u00e0 l\u2019accord historique conclu avec l\u2019Union europ\u00e9enne, s\u2019affirme comme l\u2019une des destinations les plus attractives pour les op\u00e9rations de M&amp;A \u00e0 l\u2019\u00e9chelle mondiale. L\u2019article 1.2(f) du trait\u00e9 pose les bases d\u2019un cadre d\u2019\u00e9tablissement stable et non discriminatoire, et l\u2019article 10.3.1 ouvre de nouvelles perspectives pour les investisseurs europ\u00e9ens. Des centaines de soci\u00e9t\u00e9s \u00e9trang\u00e8res franchissent le pas chaque ann\u00e9e. Le march\u00e9 n\u2019est pas inaccessible \u2014 il est exigeant. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Des d\u00e9fis juridiques demeurent : obligation de repr\u00e9sentation l\u00e9gale locale, contr\u00f4le pr\u00e9alable du CADE, passifs latents \u00e0 identifier en due diligence, nouvelle retenue \u00e0 la source de 10 % sur les dividendes vers l\u2019\u00e9tranger depuis janvier 2026. Ces contraintes sont r\u00e9elles \u2014 mais elles sont connues, documentables et surmontables avec un accompagnement ad\u00e9quat. Elles font partie int\u00e9grante de la strat\u00e9gie d\u2019acquisition. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">L\u2019accord UE\u2013Mercosur a ouvert une fen\u00eatre strat\u00e9gique historique. Les entreprises qui sauront l\u2019anticiper \u2014 en structurant leur op\u00e9ration avec rigueur, en s\u2019entourant de conseils juridiques sp\u00e9cialis\u00e9s et en int\u00e9grant d\u00e8s l\u2019amont les sp\u00e9cificit\u00e9s fiscales et r\u00e9glementaires du march\u00e9 br\u00e9silien \u2014 se donneront les meilleures chances de tirer parti d\u2019une opportunit\u00e9 que les chiffres, eux, ne remettent pas en question.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Sources et r\u00e9f\u00e9rences<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2013 Accord de partenariat UE\u2013Mercosur, texte int\u00e9gral (JO L 2026\/184 du 27 f\u00e9vrier 2026) \u2014 Articles 1.2(f), 10.3.1, 10-C, 10-E, 14.1, 14.2, 14.3<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2013 Commission europ\u00e9enne, \u00ab L\u2019accord commercial UE\u2013Mercosur \u00bb, commission.europa.eu, consult\u00e9 en juin 2026<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2013 KPMG Brasil, Pesquisa Fus\u00f5es e Aquisi\u00e7\u00f5es \u2014 4\u00ba trimestre 2024, f\u00e9vrier 2025 (1 582 transactions, +5 % sur 2023)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2013 Aon \/ TTR Data \/ Datasite, Relat\u00f3rio M&amp;A Am\u00e9rica Latina 2024, f\u00e9vrier 2025 (Br\u00e9sil : 1 674 transactions, leadership r\u00e9gional)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2013 C\u00f3digo Civil brasileiro (Lei n\u00b0 10.406\/2002), article 1.134 \u2014 repr\u00e9sentation l\u00e9gale des soci\u00e9t\u00e9s \u00e9trang\u00e8res<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2013 Lei das S.A. (Lei n\u00b0 6.404\/76) \u2014 soci\u00e9t\u00e9s par actions<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2013 Lei n\u00b0 12.529\/2011, article 88 \u2014 seuils de notification obligatoire au CADE (R$ 750 millions \/ R$ 75 millions)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2013 Lei n\u00b0 15.270\/2025, sancion\u00e9e le 26 novembre 2025 \u2014 retenue \u00e0 la source de 10 % sur dividendes<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2013 Receita Federal, Instruction Normative RFB n\u00b0 2299 du 18 d\u00e9cembre 2025 \u2014 application de la Loi 15.270<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2013 Receita Federal, Perguntas e Respostas sur la taxation des dividendes, publi\u00e9 le 16 d\u00e9cembre 2025<\/p>","protected":false},"excerpt":{"rendered":"<p>Por Tamy Tanzilli \u2014 GT Lawyers Desde a entrada em vigor provis\u00f3ria do acordo de parceria entre a Uni\u00e3o Europeia e o Mercosul, em 1\u00ba de maio de 2026, a quest\u00e3o da implanta\u00e7\u00e3o de empresas europeias na Am\u00e9rica do Sul \u2014 e, em especial, das PMEs no Brasil \u2014 tornou-se um dos temas mais estrat\u00e9gicos [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":2378,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[6],"tags":[],"class_list":["post-2377","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-artigos"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Brasil e Mercosul: um novo eldorado para fus\u00f5es e aquisi\u00e7\u00f5es? | GTLawyers | Escrit\u00f3rio boutique full-service<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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