Brazilian court suspends transfer of pulpmaker Eldorado to Paper Excellence
March 23, 2021
SAO PAULO (From news reports) -- A Brazilian court suspended on Sunday the transfer of control of pulpmaker Eldorado Brasil Celulose SA to Netherlands-based Paper Excellence, Eldorado said in a securities filing.
Paper Excellence, owned by Indonesian billionaire Jackson Widjaja, last month won arbitration proceedings against the current majority owner of the pulpmaker, Brazilian holding company J&F Investimentos, to complete its acquisition of Eldorado.
Following the arbitration ruling, J&F Investimentos SA, owned by Brazilian billionaire brothers Wesley and Joesley Batista, filed for an injunction to cancel the decision.
Paper Excellence already has a 49% stake in Eldorado and had sought the arbitration to be allowed to acquire the remaining stake, as determined by a 2017 sale contract.
