{"id":5146,"date":"2024-02-01T10:02:55","date_gmt":"2024-02-01T13:02:55","guid":{"rendered":"https:\/\/artica.capital\/clairfield-pilulas\/o-que-sao-antitrustes-e-qual-a-sua-importancia-para-mercados-globais\/"},"modified":"2026-09-29T15:19:54","modified_gmt":"2026-09-29T18:19:54","slug":"o-que-sao-antitrustes-e-qual-a-sua-importancia-para-mercados-globais","status":"publish","type":"pilulas","link":"https:\/\/artica.capital\/en\/clairfield-pilulas\/o-que-sao-antitrustes-e-qual-a-sua-importancia-para-mercados-globais\/","title":{"rendered":"What are antitrust laws and how important are they for global markets?"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Reguladores antitruste s\u00e3o essenciais para garantir sa\u00fade dos mercados, proteger consumidores e evitar competi\u00e7\u00e3o desleal.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ao longo dos \u00faltimos anos, transa\u00e7\u00f5es not\u00e1veis foram barradas por \u00f3rg\u00e3os desse tipo, que identificaram risco de monop\u00f3lio. Entre elas, a maior transa\u00e7\u00e3o anunciada em 2022 (a fus\u00e3o entre Activision Bizzard e Microsoft) s\u00f3 foi conclu\u00edda em dezembro de 2023, ap\u00f3s meses de readequa\u00e7\u00f5es para satisfazer exig\u00eancias de reguladores globais.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dessa forma, \u00e9 importante em um M&amp;A considerar a vis\u00e3o e participa\u00e7\u00e3o dos \u00f3rg\u00e3os antitruste durante a constru\u00e7\u00e3o do processo.<\/p>\n\n\n\n<!-- pilula-html v1 -->\n<style>\n.pil{--navy:#2d3a51;--blue:#4f6388;--light:#8599b9;--pale:#e8ebf1;--card:#d3d9e3;--red:#c0272d;--txt:#333;font-family:\"Merriweather Sans\",sans-serif;color:var(--txt);margin-top:40px}\n.pil *{box-sizing:border-box}\n.pil img{max-width:100%;height:auto;display:block}\n.pil-sec{margin:0 0 56px}\n.pil-sec h2{background:var(--navy);color:#fff;font-size:19px;line-height:1.35;font-weight:700;padding:16px 20px;border-radius:0 0 28px 0;margin:0 0 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*\/\n.pil-time{display:grid;gap:14px;border-left:2px dashed var(--light);padding-left:18px;margin-left:6px}\n.pil-time>div{position:relative;font-size:14px;line-height:1.5}\n.pil-time>div::before{content:\"\";position:absolute;left:-25px;top:5px;width:12px;height:12px;border-radius:50%;background:var(--navy)}\n.pil-time b.y{display:block;color:var(--light);font-size:16px;font-weight:800}\n\/* figuras (recortes do slide) *\/\n.pil-fig{margin:0}\n.pil-fig figcaption{text-align:center;font-weight:800;color:var(--light);font-size:16px;margin-top:4px}\n.pil-brand{background:var(--card);border-radius:14px;overflow:hidden}\n.pil-brand p{margin:0;text-align:center;font-size:20px;font-weight:800;font-style:italic;color:var(--navy);padding:10px 0 12px}\n@media (max-width:700px){\n  .pil-grid2,.pil-grid2.wide-left,.pil-grid2.wide-right{grid-template-columns:1fr}\n  .pil-grid3,.pil-grid4,.pil-grid5{grid-template-columns:1fr 1fr}\n  .pil-sec h2{font-size:17px}\n  .pil-bars{height:180px}\n  .pil-bars>div>span{font-size:10px}\n  .pil-years{font-size:9px}\n}\n@media (max-width:480px){\n  .pil-bars{gap:1.2%}\n  .pil-years{gap:1.2%;font-size:8px}\n  .pil-bars>div>span{font-size:8px;letter-spacing:-.3px}\n  .pil-bars:has(>div:nth-child(13))>div>span{writing-mode:vertical-rl;transform:translateX(-50%) rotate(180deg);top:auto;bottom:100%;padding-bottom:2px}\n  .pil-years:has(>span:nth-child(13)) span{writing-mode:vertical-rl;transform:rotate(180deg);margin:0 auto}\n}\n<\/style>\n<div class=\"pil\">\n\n<section class=\"pil-sec\">\n  <h2>\u00d3rg\u00e3os antitruste s\u00e3o figuras importantes no contexto de M&amp;A, buscando garantir a concorr\u00eancia justa e evitar concentra\u00e7\u00e3o de poder de mercado<\/h2>\n  <div class=\"pil-grid2\" style=\"gap:28px\">\n    <div>\n      <div class=\"pil-box\" style=\"border:0;background:none\"><h3>O que s\u00e3o ag\u00eancias antitruste?<\/h3><\/div>\n      <div style=\"display:grid;gap:14px;margin:14px 0 22px;font-size:14px;line-height:1.5\">\n        <div style=\"display:grid;grid-template-columns:44px 1fr;gap:14px;align-items:center\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5146-ic-orgaos.png\" alt=\"\u00cdcone de m\u00e3o segurando moedas\" loading=\"lazy\"><span>S\u00e3o \u00f3rg\u00e3os governamentais respons\u00e1veis por promover e preservar a livre concorr\u00eancia econ\u00f4mica em determinado mercado e \/ ou pa\u00eds<\/span><\/div>\n        <div style=\"display:grid;grid-template-columns:44px 1fr;gap:14px;align-items:center\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5146-ic-protecao.png\" alt=\"\u00cdcone de guarda-chuva\" loading=\"lazy\"><span>Buscam proteger consumidores de monop\u00f3lios que afetem pre\u00e7os ou qualidade dos servi\u00e7os prestados, al\u00e9m de promover um ambiente saud\u00e1vel de empreendedorismo, reduzindo assimetrias que impossibilitem novos entrantes<\/span><\/div>\n      <\/div>\n      <div class=\"pil-box\" style=\"border:0;background:none\"><h3>Quais as principais responsabilidades de antitrustes?<\/h3><\/div>\n      <div style=\"display:grid;gap:14px;margin-top:14px;font-size:14px;line-height:1.5\">\n        <div style=\"display:grid;grid-template-columns:44px 1fr;gap:14px;align-items:center\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5146-ic-carteis.png\" alt=\"\u00cdcone de aperto de m\u00e3os com cifr\u00e3o\" loading=\"lazy\"><span>Preven\u00e7\u00e3o de cart\u00e9is, conluios e outros acordos il\u00edcitos para fixa\u00e7\u00e3o de pre\u00e7os<\/span><\/div>\n        <div style=\"display:grid;grid-template-columns:44px 1fr;gap:14px;align-items:center\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5146-ic-fusoes.png\" alt=\"\u00cdcone de tr\u00eas pontos convergindo em um\" loading=\"lazy\"><span>Regula\u00e7\u00e3o de fus\u00f5es e aquisi\u00e7\u00f5es, a fim de evitar concentra\u00e7\u00e3o excessiva de mercado que possa inviabilizar concorr\u00eancia leal<\/span><\/div>\n        <div style=\"display:grid;grid-template-columns:44px 1fr;gap:14px;align-items:center\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5146-ic-investigacao.png\" alt=\"\u00cdcone de peixe grande perseguindo peixes pequenos\" loading=\"lazy\"><span>Investiga\u00e7\u00e3o de pr\u00e1ticas anticompetitivas e abuso de poder de mercado, assim como promo\u00e7\u00e3o da ampla concorr\u00eancia, podendo sugerir, por exemplo, desmembramento de empresas monopol\u00edsticas<\/span><\/div>\n      <\/div>\n    <\/div>\n    <div>\n      <div class=\"pil-box\" style=\"border:0;background:none\"><h3>Quais s\u00e3o as principais ag\u00eancias antitruste do mundo?<\/h3><\/div>\n      <div style=\"display:grid;gap:18px;margin-top:14px;font-size:14px;line-height:1.5\">\n        <div style=\"display:grid;grid-template-columns:44px 1fr 110px;gap:14px;align-items:center\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5146-br.png\" alt=\"Bandeira do Brasil\" loading=\"lazy\"><span>Conselho Administrativo de Defesa Econ\u00f4mica<\/span><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5146-cade.png\" alt=\"Logotipo do CADE \u2013 Conselho Administrativo de Defesa Econ\u00f4mica\" loading=\"lazy\"><\/div>\n        <div style=\"display:grid;grid-template-columns:44px 1fr 110px;gap:14px;align-items:center\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5146-eua.png\" alt=\"Bandeira dos Estados Unidos\" loading=\"lazy\"><span>Comiss\u00e3o Federal de Com\u00e9rcio <i>(Federal Trade Commission)<\/i><\/span><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5146-ftc.png\" alt=\"Selo da Federal Trade Commission\" loading=\"lazy\" style=\"max-width:64px;margin:0 auto\"><\/div>\n        <div style=\"display:grid;grid-template-columns:44px 1fr 110px;gap:14px;align-items:center\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5146-uk.png\" alt=\"Bandeira do Reino Unido\" loading=\"lazy\"><span>Autoridade de Concorr\u00eancia e Mercado <i>(Competition and Markets Authority)<\/i><\/span><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5146-cma.png\" alt=\"Logotipo da CMA \u2013 Competition &amp; Markets Authority\" loading=\"lazy\"><\/div>\n        <div style=\"display:grid;grid-template-columns:44px 1fr 110px;gap:14px;align-items:center\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5146-fr.png\" alt=\"Bandeira da Fran\u00e7a\" loading=\"lazy\"><span>Autoridade da Concorr\u00eancia <i>(Autorit\u00e9 de la Concurrence)<\/i><\/span><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5146-autorite.png\" alt=\"Logotipo da Autorit\u00e9 de la concurrence\" loading=\"lazy\"><\/div>\n      <\/div>\n    <\/div>\n  <\/div>\n  <div class=\"pil-src\">Fonte: US Department of Justice; Gov.br; An\u00e1lise \u00c1rtica<\/div>\n<\/section>\n\n<section class=\"pil-sec\">\n  <h2>Algumas fus\u00f5es e aquisi\u00e7\u00f5es relevantes foram bloqueadas por ag\u00eancias antitruste, com o intuito de evitar forma\u00e7\u00e3o de monop\u00f3lios<\/h2>\n  <p class=\"pil-p\" style=\"font-size:12px;color:#666\">Em cada cart\u00e3o: <b>Comprador<\/b> \u2192 <b>Alvo<\/b>, pa\u00eds e <b>Data<sup>(1)<\/sup><\/b>.<\/p>\n  <div style=\"display:grid;gap:16px\">\n    <div class=\"pil-card\">\n      <div style=\"display:flex;flex-wrap:wrap;align-items:center;gap:10px 16px;margin-bottom:10px\">\n        <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5146-kroton.png\" alt=\"Logotipo da Kroton\" loading=\"lazy\" style=\"max-width:110px\">\n        <span class=\"pil-p\" style=\"margin:0;color:#777\">\u2192<\/span>\n        <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5146-estacio.png\" alt=\"Logotipo da Est\u00e1cio\" loading=\"lazy\" style=\"max-width:130px\">\n        <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5146-br.png\" alt=\"Bandeira do Brasil\" loading=\"lazy\" style=\"width:32px\">\n        <span class=\"pil-p\" style=\"margin:0\"><b>Jun-2016<\/b><\/span>\n      <\/div>\n      <ul class=\"pil-list\">\n        <li>Kroton, na \u00e9poca o maior grupo educacional do Brasil, ofereceu R$ 5,5 Bn para adquirir a Est\u00e1cio, 2\u00ba maior grupo educacional do pa\u00eds<\/li>\n        <li>O CADE, no entanto, considerou que a combina\u00e7\u00e3o de marcas fortes da Kroton no ensino presencial junto com o forte EaD da Est\u00e1cio criariam competi\u00e7\u00e3o desleal, refutando a transa\u00e7\u00e3o<\/li>\n      <\/ul>\n    <\/div>\n    <div class=\"pil-card\">\n      <div style=\"display:flex;flex-wrap:wrap;align-items:center;gap:10px 16px;margin-bottom:10px\">\n        <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5146-condor.png\" alt=\"Logotipo da Condor Pinc\u00e9is\" loading=\"lazy\" style=\"max-width:100px\">\n        <span class=\"pil-p\" style=\"margin:0;color:#777\">\u2192<\/span>\n        <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5146-tigre.png\" alt=\"Logotipo da Tigre\" loading=\"lazy\" style=\"max-width:130px\">\n        <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5146-br.png\" alt=\"Bandeira do Brasil\" loading=\"lazy\" style=\"width:32px\">\n        <span class=\"pil-p\" style=\"margin:0\"><b>Out-2014<\/b><\/span>\n      <\/div>\n      <ul class=\"pil-list\">\n        <li>Tigre, companhia de tubos e conex\u00f5es, ofereceu R$ 42 Mn pelo bra\u00e7o de pinc\u00e9is da Condor<\/li>\n        <li>O CADE avaliou que a Tigre passaria a deter parcela de 65% do mercado brasileiro de pinc\u00e9is, o que poderia resultar na elimina\u00e7\u00e3o de concorrentes menores e cria\u00e7\u00e3o de monop\u00f3lio<\/li>\n      <\/ul>\n    <\/div>\n    <div class=\"pil-card\">\n      <div style=\"display:flex;flex-wrap:wrap;align-items:center;gap:10px 16px;margin-bottom:10px\">\n        <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5146-att.png\" alt=\"Logotipo da AT&amp;T\" loading=\"lazy\" style=\"max-width:100px\">\n        <span class=\"pil-p\" style=\"margin:0;color:#777\">\u2192<\/span>\n        <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5146-tmobile.png\" alt=\"Logotipo da T-Mobile\" loading=\"lazy\" style=\"max-width:130px\">\n        <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5146-eua.png\" alt=\"Bandeira dos Estados Unidos\" loading=\"lazy\" style=\"width:32px\">\n        <span class=\"pil-p\" style=\"margin:0\"><b>Mar-2011<\/b><\/span>\n      <\/div>\n      <ul class=\"pil-list\">\n        <li>AT&amp;T, multinacional americana de telecomunica\u00e7\u00f5es, ofereceu US$ 39 Bn para adquirir T-Mobile, operadora de rede m\u00f3vel<\/li>\n        <li>O FTC se op\u00f4s \u00e0 aquisi\u00e7\u00e3o pois, caso fosse conclu\u00edda, a AT&amp;T teria +40% de market-share e ~130 Mn de assinantes, e possivelmente elevaria o pre\u00e7o, prejudicando os consumidores<\/li>\n      <\/ul>\n    <\/div>\n    <div class=\"pil-card\">\n      <div style=\"display:flex;flex-wrap:wrap;align-items:center;gap:10px 16px;margin-bottom:10px\">\n        <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5146-ge.png\" alt=\"Logotipo da General Electric\" loading=\"lazy\" style=\"max-width:100px\">\n        <span class=\"pil-p\" style=\"margin:0;color:#777\">\u2192<\/span>\n        <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5146-honeywell.png\" alt=\"Logotipo da Honeywell\" loading=\"lazy\" style=\"max-width:130px\">\n        <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5146-eua.png\" alt=\"Bandeira dos Estados Unidos\" loading=\"lazy\" style=\"width:32px\">\n        <span class=\"pil-p\" style=\"margin:0\"><b>Out-2000<\/b><\/span>\n      <\/div>\n      <ul class=\"pil-list\">\n        <li>A General Electric, conglomerado com atua\u00e7\u00e3o em motores de avia\u00e7\u00e3o, ofereceu US$ 42 Bn pela Honeywell, fabricante americana de equipamentos eletr\u00f4nicos para avia\u00e7\u00e3o<\/li>\n        <li>O FTC aprovou a transa\u00e7\u00e3o, mas a Comiss\u00e3o Europeia refutou, alegando que a aquisi\u00e7\u00e3o mitigaria a competi\u00e7\u00e3o no mercado aeroespacial ocidental como um todo<\/li>\n      <\/ul>\n    <\/div>\n  <\/div>\n  <div class=\"pil-src\">(1) Data de an\u00fancio da tentativa de aquisi\u00e7\u00e3o<br>Fonte: G1; Infomoney; Bloomberg; Gov.br; An\u00e1lise \u00c1rtica<\/div>\n<\/section>\n\n<section class=\"pil-sec\">\n  <h2>A maior aquisi\u00e7\u00e3o anunciada em 2022 s\u00f3 foi finalizada em dez\/23, ap\u00f3s sucessivas reformula\u00e7\u00f5es para ganhar aprova\u00e7\u00e3o de reguladores<\/h2>\n  <div class=\"pil-sub\"><span style=\"display:flex;flex-wrap:wrap;align-items:center;gap:6px 8px\"><span>Hist\u00f3rico da aquisi\u00e7\u00e3o da<\/span><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5146-activision.png\" alt=\"Activision Blizzard\" loading=\"lazy\" style=\"height:22px;width:auto\"><span>pela<\/span><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5146-microsoft.png\" alt=\"Microsoft\" loading=\"lazy\" style=\"height:22px;width:auto\"><\/span><\/div>\n  <div class=\"pil-grid3\">\n    <div>\n      <div class=\"pil-box\" style=\"border:0;background:none\"><h3>Jan\/22 \u2013 Set\/22<\/h3><\/div>\n      <p class=\"pil-p\" style=\"margin:12px 0 8px;font-weight:700;color:var(--navy)\">An\u00fancio e controv\u00e9rsias iniciais<\/p>\n      <ul class=\"pil-list\">\n        <li>Microsoft anuncia acordo para adquirir Activision Blizzard por US$ 68,7 Bn, unindo a fabricante do XBOX com a produtora de algumas das franquias mais populares de <i>videogames<\/i><\/li>\n        <li>Reguladores dos EUA, Uni\u00e3o Europeia e Reino Unido indicaram que iriam revisar a transa\u00e7\u00e3o para evitar surgimento monop\u00f3lio nos <i>videogames<\/i><\/li>\n        <li>A Sony, fabricante do <i>PlayStation<\/i>, afirma que manter os principais jogos em ambas as plataformas por tempo limitado n\u00e3o seria uma solu\u00e7\u00f5es adequada no longo prazo<\/li>\n      <\/ul>\n    <\/div>\n    <div>\n      <div class=\"pil-box\" style=\"border:0;background:none\"><h3 style=\"background:var(--blue)\">Out\/22 \u2013 Jul\/23<\/h3><\/div>\n      <p class=\"pil-p\" style=\"margin:12px 0 8px;font-weight:700;color:var(--navy)\">Primeiras concess\u00f5es e aprova\u00e7\u00f5es regulat\u00f3rias<\/p>\n      <ul class=\"pil-list\">\n        <li>A Microsoft fez um acordo para disponibilizar os jogos na plataforma NVDIA por 10 anos<\/li>\n        <li>Foi conclu\u00eddo o acordo de licenciamento de jogos para a Sony durante 10 anos<\/li>\n        <li>Reguladores da Uni\u00e3o Europeia e EUA aprovaram a transa\u00e7\u00e3o \u2013 apenas o Reino Unido se op\u00f4s<\/li>\n      <\/ul>\n    <\/div>\n    <div>\n      <div class=\"pil-box\" style=\"border:0;background:none\"><h3 style=\"background:var(--light)\">Ago\/23 \u2013 Dec\/23<\/h3><\/div>\n      <p class=\"pil-p\" style=\"margin:12px 0 8px;font-weight:700;color:var(--navy)\">Adequa\u00e7\u00f5es finais e aprova\u00e7\u00e3o CMA<\/p>\n      <ul class=\"pil-list\">\n        <li>Foi realizado um acordo para manter os principais jogos na plataforma da <i>PlayStation<\/i><\/li>\n        <li>A Microsoft vende seus direitos de <i>cloud gaming<\/i> para Ubisoft, que passou a ter os direitos de <i>streaming<\/i> das franquias atuais e futuras, ganhando, assim, aprova\u00e7\u00e3o do regulador do Reino Unido (CMA)<\/li>\n      <\/ul>\n    <\/div>\n  <\/div>\n  <div class=\"pil-src\">Fonte: Reuters; Tecnoblog; An\u00e1lise \u00c1rtica<\/div>\n<\/section>\n\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>Antitrust regulators are essential to ensuring healthy markets, protecting consumers, and preventing unfair competition.<br \/>\nAo longo dos \u00faltimos anos, transa\u00e7\u00f5es not\u00e1veis foram barradas por \u00f3rg\u00e3os desse tipo, que identificaram risco de monop\u00f3lio. <\/p>","protected":false},"author":1,"featured_media":5142,"template":"","meta":[],"class_list":["post-5146","pilulas","type-pilulas","status-publish","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/pilulas\/5146","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/pilulas"}],"about":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/types\/pilulas"}],"author":[{"embeddable":true,"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/users\/1"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/media\/5142"}],"wp:attachment":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/media?parent=5146"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}