Economy

J&F’s beef with Paper Excellence not over yet

Eldorado eucalyptus stocks in Três Lagoas, Mato Grosso do Sul. Paper Excellence and J&F are fighting over Eldorado in court. Photo: Danilo Verpa/Folhapress

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...

Fabiane Ziolla Menezes

Former editor-in-chief of LABS (Latin America Business Stories), Fabiane has more than 15 years of experience reporting on business, finance, innovation, and cities in Brazil. The latter recently took her back to the classroom and made her a Master in Urban Management from PUCPR. At TBR, she keeps an eye on economic policy, game-changing businesses, and people driving innovation in Latin America.