Chile Drops Supermarket Collusion Probe

CHILE · RETAIL

Chile’s competition prosecutor has closed a six-year investigation into four major supermarket groups without filing a new case. The groups are Cencosud, SMU (the supermarket group behind Unimarc), Walmart Chile (the local arm of the US retailer) and Tottus (the hypermarket chain of retailer Falabella), and the closure was reported on Monday 9 November 2026.

The National Economic Prosecutor’s Office, known as the FNE, found no new evidence of price-fixing across 14 product lines sold between 2016 and 2020. For investors in Santiago-listed Cencosud and SMU, it removes the risk of a second collusion case that the Supreme Court’s earlier order had opened up.

The FNE lists its closure decision and a closure report, both dated 9 October 2026, on its website, but we could not read their text, so the details below are reported, not confirmed in full, and rest on a Chilean business report from 9 November. The national economic prosecutor, Jorge Grunberg, is quoted as saying that no new findings justify a new complaint.

What the Prosecutor Closed

The probe began on 6 October 2020 as a confidential investigation into Cencosud, Tottus, SMU and Walmart. It followed the fresh-chicken case, in which the FNE accused the chains of fixing a minimum sale price, and in which Cencosud, SMU and Walmart were convicted and fined.

After the companies appealed and the fines were raised, Chile’s Supreme Court told the FNE to run a new investigation to deepen its earlier analysis. This time the FNE looked at pork, turkey, air fresheners, detergents, pasta, toilet paper, napkins, paper towels, yogurt, milk, wine, beer, soft drinks and powdered juice.

Why the Case Was Closed

A report dated Wednesday 7 October 2026 from Matías Belmonte, head of the FNE’s anti-cartel division, said the four chains sell many brands in each category from many suppliers. Wine and beer have a broad range of producers, while paper goods, pork and turkey have fewer.

Beer made up 16% of the four chains’ sales of the products studied, soft drinks 12%, yogurt 11% and milk 10%. The report also noted that Cencosud, SMU and Walmart had to run a competition-compliance programme for at least five years after the chicken ruling.

The division found that they sent their annual reports to the FNE on time from 2021 to 2025, and that the programmes covered, at least formally, what the ruling required. Grunberg’s decision, as quoted in Spanish, found “no new findings” of breaches of Article 3 of Chile’s competition law (Decree Law 211) that would justify “a new complaint against those investigated”.

The closure does not bar future action. The prosecutor’s office kept the power to open new investigations if new evidence appears.

What It Means for You

Cencosud, SMU and Walmart Chile each already carry a record from the chicken case. For investors, this closure ends one open legal front but leaves the older rulings and any future action by the FNE in place.

Shoppers should see no immediate change in prices or store offers because of the decision. Readers following Cencosud can compare it with its latest quarterly revenue, its fire insurance dispute and the wider Falabella retail picture; more is in our Chile coverage.

What Is Not Known

We could not read the FNE’s decision or closure report, and we have not seen a public statement from any of the four chains. The exact wording of the findings for each product line is therefore not confirmed.

Frequently Asked Questions

What Did Chile’s Competition Prosecutor Decide?

The National Economic Prosecutor’s Office (FNE) closed its investigation into Cencosud, SMU, Walmart Chile and Tottus without filing a new case. It reportedly found no new evidence of price-fixing in 14 product lines sold between 2016 and 2020.

Why Was the Investigation Opened?

The FNE opened it on 6 October 2020 after the Supreme Court ordered a deeper look following the fresh-chicken price-fixing case. That case ended in convictions and fines for Cencosud, SMU and Walmart.

Can the Case Be Reopened?

Yes. The prosecutor’s office kept the power to open new investigations if new evidence appears.

Sources: National Economic Prosecutor’s Office (FNE), Chile, closure decision and closure report on the supermarket investigation, 9 October 2026 (texts could not be read); Chile competition law, Decree Law 211.

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