By Tatiana Bautzer
SAO PAULO (Reuters) – Canadian Paper Excellence said on Friday it was cleared by the court to complete the acquisition of 100% of Eldorado Brasil Celulose, which was immediately challenged by J&F, the current parent company of Eldorado.
The court ruling was the latest ruling in a five-year dispute over the deal. According to a statement on Friday evening, Paper Excellence said Judge Renata Maciel of the Second Court of Business and Arbitration Disputes agreed with last year’s arbitration award that Paper Excellence, which already holds 49.4 % of Eldorado, you can buy the rest.
The judge ruled that the arbitration process was correct and ignored arguments against J&F Investimentos, the current parent company of Eldorado.
The arbitration had determined that the agreement should be concluded for 15 billion reais, as provided for in the initial contract.
J&F Investimentos “was surprised by the publication of the judgment, since the action is suspended by decision of the Court of Justice”, according to a note sent by the holding company. “If it were not void, the sentence would be overturned by a higher court, as it ignores the evidence produced in the records themselves,” the statement said.
J&F alleges that one of the arbitrators was not exempt and that there was a wiretap between J&F and his lawyers.
Since the acquisition of Eldorado, signed in 2017 but never finalized, Paper Excellence has taken control of the American companies Resolute Forest Products and Domtar. In 2019, she purchased Canadian Catalyst Paper.
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