Brazilian court authorizes Paper Excellence to conclude Eldorado acquisition
July 14, 2021
SAO PAULO (From news reports) - A Brazilian judge has authorized pulp maker Paper Excellence to conclude the acquisition of Eldorado Brasil Celulose SA, the Brazilian company said in a securities filing.
The judge revoked a previous decision that suspended the result of an arbitration between J&F Investimentos, which controls Eldorado, and Paper Excellence, over a deal signed in September 2017 but never concluded.
The filing said the court case is sealed. In February, an arbitration decided Paper Excellence had the right to conclude the deal to reach 100% of the company's capital. J&F, owned by meatpacking moguls Wesley and Joesley Batista, appealed to a Brazilian court and had obtained a decision suspending the deal.