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| H | Bolívar | - | Barcelona | 1:1 (0:0) | ||
| R | Barcelona | - | Bolívar | 4:0 (2:0) | ||
| H: 13.05.1998 | R: 27.05.1998 | Sieger: Barcelona | ||||
| H | River Plate | - | Colón de Santa Fe | 2:1 (2:1) | ||
| R | Colón de Santa Fe | - | River Plate | 1:3 (1:1) | ||
| H: 20.05.1998 | R: 27.05.1998 | Sieger: River Plate | ||||
| H | Peñarol | - | Cerro Porteño | 2:0 (1:0) | ||
| R | Cerro Porteño | - | Peñarol | 3:0 (1:0) | ||
| H: 20.05.1998 | R: 27.05.1998 | Sieger: Cerro Porteño | ||||
| H | Grêmio Porto Alegre | - | Vasco da Gama - RJ | 1:1 (0:0) | ||
| R | Vasco da Gama - RJ | - | Grêmio Porto Alegre | 1:0 (1:0) | ||
| H: 03.06.1998 | R: 06.06.1998 | Sieger: Vasco da Gama - RJ | ||||
