What would happen if they didn't approve it? Brazil is important but not the largest market.Not exactly sure.
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Or maybe the majority of regulators approve the deal but some minors ones don't. In that case, MS/ABK would probably go to court to appeal the decision and would probably win because courts are usually more favorable to parties than regulators. Although that could take some years, if the market is not too big/important, maybe it could work for MS/ABK.Era has a pretty good thread on all of the Microsoft-Activision stuff
It could also happen that an important regulator approves the deal (the FTC in US) but another big one rejects it (the EC in Europe). In that case MS/ABK could go to go court to appeal the decision but that's going to be a long and tough battle. When that happens the parties usually abandon and cancel the deal.