The dispute between J&D and paper excellence is about to be closed, says the source

One of the largest company disputes in Brazil, which involves the national conglomerate J&F Investmentos and the excellence of the Canadian paper and paper giant paper, can be close to the end after companies have reached an agreement, said a source with negotiations.

J & F has agreed to pay $ 2.7 billion in cash for paper excellence for a participation of 49.41% in Celulose Eldorado, according to the same source. If completed, the agreement will end a long dispute between companies.

The payment, scheduled for Thursday, will be made by the Brazilian shareholders of J&A, said the source.

The agreement was initially reported by the newspaper or globe and confirmed by Reuters. Both J&D and paper excellence refused to comment.

In 2017, J&A agreed to sell celulous Eldorado to paper excellence for $ 15 billion, with the payment to be paid to installments. The sale was negotiated at a time when J & F had to face heavy fines deriving from his involvement in a corruption scheme.

At the time, paper excellence made an initial payment of about $ 1.1 billion in exchange for about 49% of the company shares, with the remaining balance to be paid within 12 months.

However, the transaction eventually failed and the paper excellence, despite having a significant participation, never took control of the manufacturer of the Brazilian pulp.

The Battista family, who controls J&D, has been accused by paper excellence to deliberately prevent the purchase of the purchase. The remaining amount of the company was included in a judicial account par excellence.

The controversy intensified over time and the paper excellence has appealed to the courts to enforce the original agreement and guarantee the remaining participation in Eldorado Celulose.

In 2021, the paper excellence obtained a victory in the Arbitration Court of the ECB Brazil, who decided that J&A should sell 100% Eldorado’s 100% to Canada -based group. However, J & F contested the decision, trying to cancel the arbitration and prolonging the dispute that this new agreement tries to close.

Source: Terra

Rose

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