The dispute between Paper Excellence and J&F, which lasted more than eight years, will end after agreement that guarantees the acquisition of the Indonesian company at Eldorado Brasil Celulose by the Brazilian. J&F will buy 49% of Eldorado in hit that will be signed tomorrow.
The agreement ends the dispute that lasts 8 years, after Paper Excellence acquires the part of the Brazilian company in the pulp company in 2017. At the time of transfer of stock, however, J&F chose to judicialize the issue.
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In 2024, the (TRF) of the 4th Region had decided to suspend the transfer of actions regarding the participation of J&F, holding of the Baptist brothers, in the pulp company for the Dutch Paper Excellence.
After that, the International Chamber of Commerce (CCI), in Paris, against the J&F holding in the context of the dispute for the control of Brazilian Eldorado Celulose. The company sought an indemnity of US $ 3 billion for the “unfair and abusive acts practiced by the two Brazilian companies to prevent the transfer of the transfer of control of Eldorado.
Remember the case
In 2017, Paper bought 49.41% from Eldorado. The contract provided for the 100% transfer of the company controlled by J&F to the Indonesian company. The remaining 50.59% of the shares remain with the Baptist holding of the Baptist after the judicialization of the agreement on several fronts.
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Paper accuses J&F not to comply with the purchase and sale contract. Already J&F argues that the Asian multinational did not release the guarantees provided for in the agreement. Now, one of the main arguments of the Baptist brothers against the sale is a law that restricts the purchase of Brazilian land by foreigners. According to J&F, the total of areas under Eldorado’s control is about 450,000 hectares.
In 2021, Paper obtained a victory in the Arbitral Tribunal ICC Brazil, which determined by 3-0 that J&F fulfilled the terms of the negotiation made in 2017 and sold 100% of Eldorado to the Asian group. The court is composed of four referees, two nominated on each side.
The arbitral decision was questioned by J&F in the São Paulo Court and the trial was suspended by decision of Minister Mauro Campbell of the Superior Court of Justice (STJ), who complied with J&F’s request.
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(With Estadão Content)
