Report: Brazil investor questions Suzano-Fibria deal
Friday, July 20, 2018 1:30 pm
SAO PAULO (From news reports) - Brazilian investment firm Tempo Capital has filed a complaint with the country's securities regulator CVM over the acquisition of Fibria Celulose SA by Suzano Papel e Celulose SA, the online edition of newspaper Valor Economico said on Wednesday.
In March, the controlling shareholders of Fibria accepted an $11 billion bid by Suzano, in a deal to create the world's biggest pulp producer.
The Tempo complaint, filed on June 11, said the acquisition should have triggered a mandatory tender offer for minority shareholders, according to the paper, citing documents filed with the regulator that are not made public.
The regulator said that a complaint had been filed by Tempo Capital against Fibria on June 11, but did not confirm if it related to the purchase by Suzano.
The fund accuses the controlling shareholders of abusing their voting power to close the deal, Valor said. The cash part of the deal will be adjusted by interest rates only for controlling shareholders and not for minority shareholders, it said.
Suzano said it did not comment on "ongoing processes" and Fibria declined to comment. Representatives for Tempo Capital could not be reached. **** EMPLOYMENT OPPORTUNITIES: * We are looking for a Production Shift Team Leader to maintain high standards, plus ensure safety policies and regulations for a company located close to Chicago's Midway Airport. If you are experienced team leader who has a four-year degree in an engineering/technical field (paper science degree preferred, and experience in recycled linerboard or corrugating medium paper mills is a plus), we are looking for someone like you! If you are interested or would like more information, please contact Jim Thompson at: jthompson@taii.com Ph. 678-206-6010 Cell: 404-822-3412. * A family owned and operated corrugated packaging solutions company in Illinois is looking for an experienced Maintenance Technician to maintain production and quality by ensuring operation of machinery and mechanical equipment. Relocation and other perks are available to the right candidate who is committed to working third shift. If you are interested or would like more information, please contact Jim Thompson at: jthompson@taii.com Ph. 678-206-6010 Cell: 404-822-3412. * An expanding company is looking for a Corporate Industrial Electro-Mechanical Engineer near Allentown, PA. Relocation is available. Do you have a storied list of unique electrical and mechanical engineering skills you're ready to take to the next level? Do you envision yourself in a corporate-level leadership role that your experience finally merits? And do you relish any opportunity to troubleshoot and solve real-time problems, all while designing and installing new services and systems that will not only ensure safety, but also turn a potentially hazardous work environment into a continuously thriving one? If you are interested or would like more information, please contact Jim Thompson at: jthompson@taii.com Ph. 678-206-6010 Cell: 404-822-3412. **** Jim Thompson is back again...with a new book on a taboo subject: the personalities in the pulp & paper industry. Jim has written in the past on many subjects based on his four plus decades in the worldwide pulp and paper industry. This new book is packed full of information valuable to the senior member of the industry as well as the recent entrant. A must for every pulp and paper library.
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