So the "B" in the BRIC wants to squeeze something out of Big Bleu in exchange for approving this deal. This deal may not close in 2H19.
https://www.wraltechwire.com/2019/06/28/brazil-revocation-of-ibm-red-hat-deal-approval-likely-to-delay-closing-attorney-says/
Brazil can't stop the deal but they can try to add stipulations - maybe keeping certain existing Red Hat / IBM business deals with local companies, or employment numbers after the close. The thing is if Brazil tries anything too crazy IBM and Red Hat can pull out of Brazil entirely which would would be really bad for their local businesses in general. Whatever they're holding onto their vote for, it'll likely be something small.
Brazil is a GO!
Brazil approved it.
I am not a lawyer nor a finance guy. What would happen if Brazil said No? Would the deal somehow go ahead in the rest of the world, with Red Hat Brazil somehow floated as an independent entity? I find it hard to imagine that Brazil can block the deal, or it be hostage to every little country where either company does business wanting a sweetener to approve the deal.
This deal is done no matter what Brazil does. Europe was the big nut, and that closed on Friday. Management is full speed ahead and I would speculate there is a 99% chance this closes in 3rd q. The market seems to be saying the same as there is approx a 1% premium on Redhat vs 190 dollars. EG the market is saying this is a done deal