SAO PAULO (Reuters)-J&F informed on Thursday that it paid R $ 15 billion to Paper Excellence to have all actions that did not have Eldorado Brasil Celulose, becoming the only owner of the company.
Payment ends a long judicial and arbitration dispute between the two companies that followed both in instances in Brazil and abroad, said J&F President Aguinaldo Filho.
The dispute dates back to 2017, when Paper Excellence and J&F signed, but did not conclude, the sale of 100% of Eldorado, a transaction that valued the company at $ 15 billion.
At the time, Paper Excellence acquired 49.41% of the shares for R $ 3.8 billion – a participation that is now being repurchased by J&F, holding of the Batista family, who also owns the JBS meat processor.
J&F had previously been accused by Paper Excellence of deliberately preventing the purchase of the purchase.
In 2021, Paper Excellence obtained a victory in the ICC Brazil Arbitral Tribunal, which determined that J&F should sell 100% of Eldorado to the group. J&F, however, contested the decision, seeking to annul it.
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According to J&F’s executive president, the agreement and payment made on Thursday put a “friendly” end to the dispute.
