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The Copa Libertadores (Copa Libertadores de América), the tournament between the domestic league winners, was established in 1960. The structure is a combined knock-out and group stage tournament in which the knock-out matches are decided by two-legged ties. 

 The Copa Libertadores was not the first ever club competition on the continent, in 1948 the South American Championship of Champions was played and involved clubs from seven countries. This competition was, however, only played once and the Copa Libertadores become the first annually held tournament that involved the whole continent (since 1998 it has also included Mexican clubs). 

 The club which has won the tournament the most times is Independiente with seven trophies (1964, 1965, 1972, 1973, 1974, 1975, 1984). Boca Juniors is the team which has reached the finals the most times (eleven finals in total).

Source Information: https://www.footballhistory.org/tournament/copa-libertadores.html

 The CONMEBOL Sudamericana, also known as the Copa Sudamericana  is an annual international club football competition organized by CONMEBOL, the governing body of football in South America, since 2002. It is the second-most prestigious club competition in South American football. CONCACAF clubs were invited between 2004 and 2008. The CONMEBOL Sudamericana began in 2002, replacing the separate competitions Copa Merconorte and Copa Mercosur (which had replaced Copa CONMEBOL) by a single competition. Since its introduction, the competition has been a pure elimination tournament with the number of rounds and teams varying from year to year.  

 The CONMEBOL Sudamericana is considered a merger of defunct tournaments such as the Copa CONMEBOL, Copa Mercosur and Copa Merconorte. The winner of the Copa Sudamericana becomes eligible to play in the Recopa Sudamericana, the South American supercup. They gain entry to the next edition of the Copa Libertadores, South America's premier club competition, and also contest the UEFA–CONMEBOL Club Challenge, a friendly cup against the winners of the UEFA Europa League. Previously they also competed in the J.League Cup / Copa Sudamericana Championship against the winner of the Japanese League Cup.

Source Information:  https://kids.kiddle.co/Copa_Sudamericana