1995 Copa Libertadores final stages

The 1995 Copa Libertadores final stages were played from 26 April to 30 August 1998 and consisted of the round of 16 (or second stage), quarter-finals, semi-finals and the finals. A total of 16 teams competed in the final stages to decide the champions of the 1995 Copa Libertadores.

The final stages had a one-month break between the quarter-finals and semi-finals due to the 1995 Copa América held from 5 July to 23 July 1995.

Qualified teams
The winners, runners-up and third placed teams of each of the five groups in the group stage advanced to the round of 16, alongside defending champions Vélez Sarsfield, who received a direct bye to this round. 

Seeding
 In the final stages, the teams were seeded according to the pre-established numbering they received according to the final position they occupied in their respective group. Numbers 1, 5, 9, 13 and 17 correspond to each group winners; numbers 2, 6, 10, 14 and 18 to runners-up; and 3, 7, 11, 15 and 19 to third placed teams.



Format
 In the final stages, the 16 teams played a single-elimination tournament with the following rules:
 * In the round of 16, quarter-finals, semi-finals and finals, each tie was played on a home-and-away two-legged basis. If tied on points after the two legs the goal difference would be applied. if still tied, extra time was not played, and a penalty shoot-out was used to determine the winners.
 * In the event that the two Argentine teams from the group stage qualify for the round of 16, the lower-seeded team between these two would face defending champion Vélez Sarsfield in order to prevent three Argentine teams from reaching the quarter-finals.
 * If two teams from the same national association reached the quarter-finals, they had to face each other, and those teams that had to face them formed another tie under the same conditions.
 * If one or more games are settled in the quarter-finals between clubs belonging to the same national association, the Match S1 would correspond to the pair including the lower-seeding team. The following matches would be determined according to the same criteria.
 * In all cases in which the order of legs could not be determined, the lower-seeding team had to host the first leg. Defending champions Vélez Sarsfield had to host the second leg in the round of 16.

The above criteria were established to ensure that the four semifinalists would be of different nationalities (Regulations Section III, Article 3).

Bracket
The original bracket for the final stages was determined as follows:

 Per regulations, the original bracket had the following modifications:
 * In the round of 16, Independiente and Bolívar swapped positions. Independiente had to faced Vélez Sarsfield in order to avoid three possible Argentine teams in the quarter-finals.
 * In quarter-finals, the two Argentine teams, the two Colombian teams and the two Brazilians teams had to face each other, and the order of the ties was rearranged according to the regulations.



Round of 16
The first legs were played on 25–27 April, and the second legs were played on 3 and 4 May 1995. 


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Match A
River Plate won 4–3 on aggregate and advanced to the quarter-finals (Match S1).

Match B
Tied 2–2 on aggregate, Emelec won on penalties and advanced to the quarter-finals (Match S1).

Match C
Millonarios won 3–1 on aggregate and advanced to the quarter-finals (Match S2).

Match D
Palmeiras won 3–1 on aggregate and advanced to the quarter-finals (Match S2).

Match E
Sporting Cristal won 8–5 on aggregate and advanced to the quarter-finals (Match S3).

Match F
Atlético Nacional won 6–2 on aggregate and advanced to the quarter-finals (Match S3).

Match G
Grêmio won 5–0 on aggregate and advanced to the quarter-finals (Match S4).

Match H
Vélez Sarsfield won 5–2 on aggregate and advanced to the quarter-finals (Match S4).

Quarter-finals
The first legs were played on 26 July, and the second legs were played on 2 August 1995. 


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Match S1
Tied 1–1 on aggregate, River Plate won on penalties and advanced to the semi-finals (Match F1).

Match S2
Atlético Nacional won 3–2 on aggregate and advanced to the semi-finals (Match F1).

Match S3
Grêmio won 6–5 on aggregate and advanced to the semi-finals (Match F2).

Match S4
Emelec won 4–2 on aggregate and advanced to the semi-finals (Match F2).

Semi-finals
The first legs were played on 9 August, and the second legs were played on 16 August 1995. 


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Match F1
Tied 1–1 on aggregate, Atlético Nacional won on penalties and advanced to the finals.

Match F2
Grêmio won 2–0 on aggregate and advanced to the finals.

Finals
The first leg was played on 23 August, and the second leg was played on 30 August 1995.

Grêmio won 4–2 on aggregate.