Paper Excellence (PE), a company owned by Indonesian magnate Jackson Wijaya, on Friday said it had been authorized by a court to complete the acquisition of 100 percent of Eldorado, one of the biggest pulp manufacturers in Brazil.
Eldorado’s current controller, J&F Investimentos (part of the same group as meat giant JBS), however, said it was “surprised” by the decision, signaling that it will likely challenge the court’s sentence.
The court decision was the latest move in a four-year dispute over the deal.
The conflict began in 2019, when J&F said it gave up on selling its 51 percent stake in Eldorado to PE’s subsidiary CA Investments, claiming that the buyer failed to comply with the terms of the deal after it first acquired a 49 percent stake.
PE, in turn, argues that it...
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